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    Published On : Wed, Sep 9th, 2015
    Latest News | By Nagpur Today Nagpur News

    Nagpur Metro to get windfall of 500 million euro loan from German Bank


    Nagpur:
    The Nagpur metro project which got off to a flying start this year, with work begun on the Wardha road line already in August, has been granted a loan by KFW Bank of Germany.

    The loan amount sanctioned is 500 million euros which covers more than 2/3rd of the entire project loan requirement of 628 million euros as confirmed by the Metro office at Civil lines Nagpur.

    This loan sanctioned is for 20 years at 1.7 percent interest rate.

    It may be mentioned here that The KfW bank, formerly KfW Bankengruppe (banking group), is a German government owned bank , based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau (“Reconstruction Credit Institute”). It was formed in 1948 after World War two which Germany lost and it was almost destroyed fully. The redevelopment of Western Germany was taken up under the Marshall plan and financed party by USA and Britian.

    Today, it is a Euro 75 billion company and over 90% of loans are sanctioned within Germany. It mostly deals in Housing Finance, SME finance and export-import finance.

    The point to note is that it has done yeoman service in promoting Housing which has solar panels as source of non conventional power.


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