The Asian Development Bank(ADB) will provide a loan of USD 500 million to improve Bengaluru’s metro rail network by constructing two new 56-kilometre metro lines.
The Indian government and the Asian Development Bank struck a deal in this regard on Thursday. The Bengaluru Metro Rail Project was signed by Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, and Takeo Konishi, Country Director of the Asian Development Bank’s India Resident Mission.
The project will build two additional metro lines with 30 stations between Central Silk Board and Kempegowda International Airport, primarily elevated, along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport, according to the Asian Development Bank.
“This will assist decongest traffic in the city region and enable smooth access to the airport,” it said.
According to the statement, metro amenities would address the needs of vulnerable populations such as the elderly, women, children, and individuals with disabilities.
The programme, according to Konishi, intends to make Bengaluru a more livable and sustainable city by boosting urban public transportation and development based on the concepts of transit-oriented development (TOD) and multi-modal integration (MMI).
According to the ADB, the TOD-based urban development plan would concentrate on realigning growth and increasing the city’s economic output by constructing higher-density, compact, mixed-use, mixed-income, safe, resource-efficient, and inclusive neighbourhoods.
TOD also seeks to raise land values along these corridors, generating capital funds for the city’s long-term investment needs.
The project will also include the construction of two new metro lines, with 30 stops, between Central Silk Board and Kempegowda International Airport, along Outer Ring Road and National Highway 44.
“This will assist decongest traffic in the city region and enable smooth access to the airport,” the international financing agency noted.
It also announced that the Asian Development Bank will provide a USD 2 million technical assistance grant to the state government to aid in the development of urban development plans and implementation frameworks, with a focus on TOD and multimodal integration.
The funds will also be used to strengthen the Bangalore Metro Rail Corporation Limited’s and other state agencies’ ability to carry out these plans.