New Delhi [India], August 23 (ANI): The Centre and the Asian Development Bank (ADB) on Monday signed a $500 million loan to expand the metro rail network in Bengaluru with the construction of two new metro lines totaling 56 km in length, informed the Finance Ministry.
The signatories to the agreement for Bengaluru Metro Rail Project included Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Mr. Takeo Konishi, Country Director of ADB's India Resident Mission who signed for ADB.
"The new metro lines will further strengthen safe, affordable, and green mobility in Bangaluru, having a positive impact on enhancing the quality of life, sustainable growth in urban habitat and livelihood opportunities", Said Mishra.
"The project supports the urban transformation of Bengaluru City into a more livable and sustainable city through support to urban public transport and urban development with concepts of transit-oriented development (TOD) and multi-modal integration (MMI)", said Konishi.
"The project will bring various benefits including road de-congestion, better urban livability, and environmental improvement", he further added.
According to the press statement, the TOD-based urban development model will target realigning growth and increase the city's economic productivity by creating higher density, compact, mixed-use, mixed-income, safe, and resource-efficient, and inclusive neighborhoods.
TOD also aims to raise land values along these corridors, generating capital revenues for the state government to meet the city's long-term investment needs. MMI will aim to provide people-oriented, environment-friendly solutions and a safe, total mobility solution for all Bangalore residents through the seamless integration of different modes of public transport, read in a statement.
"The project will construct two new metro lines, mostly elevated, along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport with 30 stations. This will help decongest traffic in the city area and provide seamless connectivity to the airport. The needs of vulnerable groups, such as the elderly, women, children, and differently-abled persons, will be reflected on the metro facilities", said Ministry.
An additional $2 million technical assistance grant from ADB will help the state government formulate urban development plans and their implementing frameworks, focusing on TOD and multimodal integration. The grant will also be used to strengthen the capacity of the Bangalore Metro Rail Corporation Limited and other state agencies to implement these initiatives.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members--49 from the region, it explained. (ANI)