GMRL sends loan proposal for work on metro's phase 2
Gurugram, Feb. 24 -- Gurugram Metro Rail Limited (GMRL) on Monday said it has sent the tender document and loan proposal for the construction of phase two of the Gurugram metro to the World Bank for scrutiny and approval.
The GMRL is seeking a loan from the World Bank, which would be 60% of the project cost, currently estimated at around Rs.2,800 crore. In a related development, GMRL officials said that the proposal to develop a separate spur of the Gurugram metro towards Old Gurugram railway station will be taken up later, as the World Bank has recommended an assessment of the social and environmental impacts.
A senior GMRL official said that the metro corporation had submitted the tender document and the loan proposal to the World Bank last week, and that approval is expected by next month. "The metro corporation is seeking a loan which is 60% of the project cost, excluding the taxes. Right now, the amount is Rs.2,800 crore, and it would increase if the project cost rises in the future," the official said.
The GMRL authorities said that the proposal to construct a separate metro spur from Sector 5 to Old Gurugram, included in the tender for the second phase, is likely to be delayed.
It is to be noted that last year, GMRL had sought a loan of Rs.1,613 crore from a European funding agency for the Old Gurugram Metro project. The matter was also placed before the Department of Economic Affairs under the Ministry of Finance, but due to the European funding agency's lack of response, it was decided to seek the loan from the World Bank.
A Metro official stated that a meeting of the Haryana Mass Rapid Transport Corporation Limited was held last November, at which it was decided that funding for the project would be obtained only from the World Bank or the Asian Infrastructure Investment Bank.
Meanwhile, the GMRL has changed the metro route from Sector 22 to DLF Cyber City, altering the locations of three stations....
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