Ahmedabad metro rail project has received a boost as Japan International Co-operation Agency (JICA) has agreed to a long term soft loan worth Rs 5,900 crore, for the project.
Metro Link Express Gandhinagar Ahmedabad (MEGA), the governing body for the metro project, had sought a 30 year loan of Rs 5,900 crore from JICA at 1.4 per cent interest rate.
JICA officials concluded the final assessment of the metro rail project in July, on various technical and financial parameters. This loan will take care of funding for Phase-I of the construction.
The Ahmedabad metro rail project is estimated to cost Rs 10,675 crore – not including the link upto Gandhinagar. The central government is likely to give exemptions worth Rs 3,000 crore for the project.
MEGA has also received a first level clearance from the central Project Co-ordination Committee (PCC) which consists of representatives from 16 ministries.
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Ahmedabad - Gandhinagar Metro Rail Project