India and German bank sign loan agreement; Solar Power Project, Energy News, ET EnergyWorld

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New Delhi: The Indian government and the German Development Bank – KfW (Kreditanstalt fur Wiederaufbau) on Friday signed a loan agreement of 442.26 million euros for the Surat metro project.

The total cost of the project is 1.5 billion euros, of which KfW is funding 442.26 million euros, according to a statement from the Ministry of Finance.

The project is co-financed by the French Development Agency, AFD (French Development Agency). The agreement with AFD for 250 million euros was signed on January 28, 2021, he said.

“The 40.35 km Surat metro project aims to strengthen and increase the transport infrastructure of the metropolitan area of ​​Surat. It will relieve traffic congestion and allow for the integration of land use planning and city ​​through development focused on public transport, ”he said.

The project is also targeting an integrated multimodal transport system within the metro corridor area of ​​influence to provide first and last mile connectivity and improved access to the metro system, he said.

In addition, he said, solar power will be harnessed at both Surat metro depots.

The project is envisioned and planned to have a systemic and transformational impact in terms of reliable and safer public transport, reduction of congestion and reduction of long delays on the main travel corridors of the city and the urban area of ​​Surat in providing an integrated system of mass public transport, he added.

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