The European Investment Bank (EIB) is sanctioning Rs 3,840 crore (500 Million Euros) to Namma Metro to purchase 96 new trains, and install new tracks for the 18 stations in the second phase, reports Kannada Prabha. A statement from the EIB states this is the biggest support that the bank is extending outside Europe.
The funds are expected to boost the Metropolitan transport system. Once the new tracks are laid, the travel time would be reduced to 15 minutes from two hours.
The funds from EIB to Bengaluru Metro, is biggest support that the European Bank is extending to India. The vice-president of EIB Andrew McDowell and Central Finance Ministry officials signed and exchanged the MoU at the 14th Indo-European Federation meet. The project aims at installing a 22 km reach 6 Metro line by 2021. The Bengaluru Reach 6 project is a significant proposition and it links the City with the airport .