Published On : Thu, Nov 17th, 2016

Nagpur Metro gets Rs 975 crore credit from French agency


Nagpur: The Nagpur Metro project achieved financial closure on Thursday after receiving a credit of Rs 975 crore from French Development Agency (AFD). Joint Secretary of Department of Economic Affairs Selvakumar and AFD Regional Director for South Asia Nicolas Fornage signed a credit facility agreement in this regard. French Ambassador Alexander Ziegler was also present on the occasion.

For speedy development of Nagpur Metro, in April 2016, the Central Government had signed a 500 million Euros loan agreement with German bank KfW.

With Thursday’s credit agreement, Nagpur Metro has achieved financial closure in a record 18 months, a press release said.

The press release further said that order for rolling stock has already been placed and tendering of other packages for power supply, traction systems, signaling, telecom, and automatic fare collection system are in advanced stages.