India News | Foreign Banks Show Interest in Funding Andhra Pradesh Metro Rail Projects

Amaravati, May 14 (PTI) A string of multilateral international development banks are coming forward to lend money to metro rail projects in Vishakapatnam and Vijayawada in Andhra Pradesh, the government said on Wednesday.

The development banks include KFW (German development Bank), Agence Française de Développement (AFD), Asian Development Bank (ADB), New Development Bank (NDB), Asian Infrastructure Investment Bank (AIIB) and Japan International Cooperation Agency (JICA), with formal talks scheduled with both the central and state governments soon, said an official release from Municipal Minister P Narayana's office.

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Andhra Pradesh Metro Rail Corporation Limited Managing Director N P Ramakrishna Reddy met with AIIB officials.

"The AIIB representatives observed the Vijayawada and Visakhapatnam corridor proposals at the ground level. Of the total expenditure for both metro projects, it is estimated that Rs 12,000 crore would be required," the release said.

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Reddy said that the corporation is actively engaging with banks offering low-interest loans to ensure faster execution of the metro projects, following his meeting with AIIB officials.

The proposed metro includes a 26 km corridor from Pandit Nehru Bus Station (PNBS) to Gannavaram and a 12 km corridor from Bus Stand to Penamaluru in Vijayawada.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)