National Capital Region Planning Board (NCRPB) has begun to release funds for the Noida-Greater Noida Metro Project by disbursing the first loan installment of Rs 406 crores, giving a fillip to speedy execution of this important metro project.
The NCRPB had earlier sanctioned a loan of Rs.1, 587 crores to Noida Metro Rail Corporation (NMRC) for the 29.70 km Noida-Greater Noida Metro Project that is estimated to cost Rs.5, 533 cr.
This 20 year loan, including a moratorium of five years for repayment of loan carries an interest rate of 7 percent per year and an incentive of 0.25 percent for timely repayment of installments. The targeted date of completion of this section is April, 2018.
Announcing the disbursement of the first installment of loan, B. K. Tripathy, Member-Secretary, NCRPB said, "Noida-Greater Noida metro link is important for enabling a seamless travel in National Capital Region, which the Board is committed to promote."
"Further release of funds to this important section depends on physical and financial progress of the section. NCR Regional Plan-2021 emphasised the need for strengthening connectivity between NCR towns. Metro is emerging as the most efficient, fast, smooth and eco-friendly mode of public transport in the core of NCR," he said.