Vizag Metro Gets A Korean Flavour: Exim Bank To Fund More Than Half The Project Cost In The State’s Economic Hub

Korean Exim Bank has come forward to fund the Vizag Metro Rail Project, Metro Rail News has reported. The bank will fund 51 per cent of the total cost of the project (close to Rs 4200 crore). The bank will lend the finance at an interest rate of 6.5 per cent to 7 per cent for 20 years.

Among various financial institutions approached by the Amaravati Metro Rail Corporation Ltd (AMRC), the Korean Exim Bank offered the least rate of interest.

The Amaravathi Metro Rail Corporation (AMRC) had released Request for Qualification (RFQ) for the development of the project in October 2017. Multiple companies submitted their respective bids for the project. The Monitoring and Evaluation Committee (MEC) has shortlisted five companies.

Vizag Metro is a rapid transit system in Visakhapatnam, Andhra Pradesh planned by Great Vishakhapatnam Municipal corporation (GVMC). Its aimed at reducing traffic in the largest city and economic hub of the state.