The National Capital Region Planning Board (NCRPB) has disbursed the first installment of Rs 4.06 billion for the under-construction Noida-Greater Noida metro project. A loan of Rs 5.8 billion will be given by NCRPB in 2016-17. The balance is expected to be given in January 2017, subject to a guarantee by the Greater Noida Industrial Development Authority, which has an equity share of 30 per cent in the metro corridor. The 20-year loan, including a moratorium of five years, carries an interest rate of 7 per cent per annum and an incentive of 0.25 per cent for timely payment of installments. In February 2016, the NCRPB had sanctioned a total loan of Rs 15.87 billion to the Noida Metro Rail Corporation for the 29.7 km Noida-Greater Noida metro project, which is estimated to cost Rs 55.33 billion.