EIB Global announces 300 million euros loan for Bengaluru Suburban Rail Project to boost public transport, cut emissions

Gandhinagar: The European Investment Bank (EIB) Global has announced a loan of 300 million euros (approximately Rs 2,800 crore) to enhance the Bengaluru suburban railway project. This initiative aims to establish a new suburban railway system, which is set to have four dedicated corridors in Bengaluru. EIB Vice-President Nicola Beer revealed that the project spans 149 km and features 58 stations and two depots.

Project to Boost Public Transport and Reduce Emissions

According to reports, Nicola Beer mentioned that the project encourages a transition from using roads to utilizing railways, aiming to tackle issues such as congestion, air and noise pollution, road safety, and greenhouse gas emissions, in addition to offering a cost-effective means of transportation to enhance accessibility to employment and educational prospects.

EIB has given loans worth 3.25 billion euro (around Rs 30,225 crore) for the transportation industry in India since 2016. Bengaluru, a home to 1.4 crore residents, is projected to grow to 2 crore by 2030. It ranks as the third most populous city in India. 

Nicola Beer further revealed that ElB has provided a 500 million euro (around Rs 4,650 crore) loan for the construction of the R6 line of the Bengaluru Metro and the acquisition of approximately 96 metro cars to boost the city's transportation industry. Reports suggest that once the project is completely up and running, the transport system in Bengaluru will experience a reduction of 43 per cent in CO2 emissions.

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The VP also stated that the projected daily ridership will be nearly 400,000 trips per day in 2029, the initial year of full operation, and is anticipated to rise to approximately 1.4 million trips per day in 2040, closely corresponding to the expected population growth. 

Meanwhile, EIB is providing funding for metro projects in six cities - Agra, Bengaluru, Bhopal, Kanpur, Lucknow, and Pune, totaling 3.25 billion in in India.