Print
XClose
Press Information Bureau
Government of India
Ministry of Housing & Urban Affairs
17-November-2016 16:01 IST
Nagpur Metro gets Euro 130 million AFD credit

Project achieves financial closure in record time

Nagpur Metro today achieved financial closure of the project by securing a credit of Euro 130 million from AFD (French Development Agency).

A Credit Facility Agreement in this regard was today signed between the Department of Economic Affairs, Ministry of Finance and AFD. Shri Selvakumar, Joint Secretary (DEA) and Shri Nicolas Fornage, Regional Director for South Asia, AFD signed the agreement in the presence of French Ambassador Shri Alexandre Ziegler in New Delhi.

The 20 year period credit with a moratorium of five years, will be used for funding Signalling, Telecom, Automatic Fare Collection Systems and Lifts and Escalators.

Earlier, in April, 2016, Government of India signed a loan agreement with KfW Germany for 500 million Euro for Nagpur Metro.

With today’s credit agreement, Nagpur Metro which was incorporated in February,2015 and commenced civil works in May last year has achieved financial closure in a record 18 months. Order for rolling stock has already been placed and tendering of other packages for power supply, traction systems, signaling, telecom, automatic fare collection system etc., are in advanced stages.

AAR