| Work Detail |
The Asian Infrastructure Investment Bank (AIIB) has shown interest in providing loan assistance for the Phase 1 construction of the metro rail projects in Visakhapatnam and Vijayawada. Representatives from the AIIB recently met with officials from the Andhra Pradesh Metro Rail Corporation Limited (APMRCL) to discuss potential funding avenues. APMRCL Managing Director, NP Rama Krishna Reddy, informed TOI that the corporation is currently in discussions with several international financial institutions, including KFW Bank (Germany), AFD Bank (France), JICA (Japan), AIIB (China), Asian Development Bank, New Development Bank, and the World Bank, to secure the necessary funds for these crucial infrastructure projects. As part of their assessment, AIIB representatives Santosh and Paschal Russell conducted a field inspection of the proposed metro corridors in Vijayawada, specifically from PNBS to Gannavaram and Penamaluru to PNBS. They subsequently held detailed discussions with the APMRCL MD regarding the projects. The estimated loan requirement for the Visakhapatnam metro project is ?6,100 crore, while the Vijayawada metro project requires an estimated ?5,900 crore, bringing the total funding needed to ?12,000 crore. APMRCL finds the loan terms offered by AIIB particularly attractive, including a substantial 35-year loan period with a 25-year repayment window and a 10-year moratorium. The corporation is prioritizing securing loans with favorable, lower interest rates and will continue discussions to finalize the loan amounts and other associated details with potential lenders. |
