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    Published On : Wed, Oct 14th, 2015
    Latest News | By Nagpur Today Nagpur News

    German Bank KfW team visit City, confirms extending loan in principle for Nagpur Metro Project

    German Bank KfW team
    : In another pro-active step towards Nagpur city acquiring Metro Rail, a team of German Bank KfW, which had shown interest in financing the Nagpur Metro Rail, is on the visit of the city. The team held in-depth discussion on the project and finalizing the terms of the loan to be sanctioned to Nagpur Metro Rail Corporation Limited (NMRCL).

    While briefing media personnel, Managing Director of Nagpur Metro Rail Corporation Limited Brujesh Dixit and the team of German Bank KfW jointly confirmed that they have agreed to sanction a loan of Rs 3,700 crore in principle.

    The other paper-documentation and formalities are expected to be completed in the next three months.

    Addressing the media personnel, the Director of Delhi Office of German Bank KfW Peter Hilliges and Team Leader Felix Cloud said that this is the first time that they are investing in full scale in the Metro Rail project in India. They are expressed their happiness in getting the opportunity to invest in Nagpur Metro Rail Project.

    Considering the ground reality and the traffic woes likely to face in the future, Nagpur does need Metro Rail claimed the team members. Having studied the project minutely, they found that the project is well scheduled, innovative, impressive and professional.

    They also expressed that in Nagpur; the citizens prefer and rely on their own vehicle or means of transport than the public transport.  In order to reduce the load on the roads, Metro Rail will prove to be a necessity.

    If everything goes well, the first installment of the loan amount will be made available by March-April 2016.

    With an aim of expediting the loan, Managing Director of Nagpur Metro Rail Corporation Limited Brujesh Dixit coordinated a meeting of the Bank Team and the officials of Urban Development Ministry and Finance Department.

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