Japan International Cooperation Agency (JICA) has signed an official development assistance loan agreement worth around Rs 61 billion (102,480 million Japanese Yen) with the Department of Economic Affairs of Government of India under the Bengaluru Metro Rail Project Phase III.
The agreement was for a total amount of Rs 67.75 billion which is likely to be released in two batches with Rs 61 billion in first batch and the remaining in the second batch. The loan carries a repayment period of 30 years, including a 10-year grace period. The project is targeted for completion by January 2032.
The Bengaluru Metro Rail Project Phase III will be developed at an estimated cost of Rs 156.11 billion. It involves construction of two elevated corridors viz. Corridor I-32.15 km long JP Nagar Phase IV-Kempapura stretch with 22 stations; Corridor II-12.5 km long Hosahalli-Kadabagere stretch on Magadi Road with nine stations in Karnataka.