Nagpur Metro gets Euro 130 mln AFD credit; achieves financial

Nagpur Metro today secured a credit of Euro 130 million from AFD (French Development Agency), achieving financial closure of the project.
A 'Credit Facility Agreement' in this regard was today signed between Department of Economic Affairs Joint Secretary Selvakumar and AFD Regional Director for South Asia Nicolas Fornage in the presence of French Ambassador Alexandre Ziegler here.
The 20-year period credit with a moratorium of five years, will be used for funding signalling, telecom, automatic fare collection systems and lifts and escalators, an official release said.
In April 2016, the Indian Government had signed a loan agreement with KfW Germany for 500 million Euro for Nagpur Metro.

With today's credit agreement, Nagpur Metro which was incorporated in February 2015 and commenced civil works in May last year has achieved financial closure in a record 18 months, the release said.
Order for rolling stock has already been placed and tendering of other packages for power supply, traction systems, signaling, telecom, and automatic fare collection system are in advanced stages, it added.