Surat Metro: German lender KfW extends loan of Rs 3,464 cr for Phase-1
The Phase-1 of Surat Metro, which is currently under construction, received an additional funding of Rs 3,464 crore (442.26 million euros) after German lender KfW extended a loan for the project.
A loan agreement was signed in New Delhi between KfW and the Department of Economic Affairs on Friday, an official release stated here. The Gujarat Metro Rail Corporation (GMRC), which is building the Surat Metro, is a 50:50 joint venture between the Government of India and the state government of Gujarat.
The first phase of Surat Metro was sanctioned for a total length of 40.35 km and is expected to cost Rs 12,020.32 crore. Of the total project cost, Rs 5,434 crore will be financed through a loan. On January 28 this year, French Development Bank AFD agreed to fund 250 million euros (approximately Rs 1,970 crore).
