Nagpur Metro gets French credit

Nagpur Metro has secured a credit of Euro 130 million from AFD (French Development Agency) for funding Signalling, Telecom, Automatic Fare Collection Systems and Lifts and Escalators.

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.

A Credit Facility Agreement was signed by Selvakumar, Joint Secretary by the Department of Economic Affairs, Ministry of Finance and Nicolas Fornage, Regional Director for South Asia, AFD, on Nov 17, 2016 in New Delhi.

The credit is for a 20-year period credit with a moratorium of five years.

Earlier, in April, 2016, KfW Germany had signed a 500 million Euro loan agreement for Nagpur Metro.

With this credit agreement, Nagpur Metro has achieved financial closure in a record 18 months.

Incorporated in February, 2015, Nagpur Metro has commenced civil works in May last year. fii-news.com