The Government of India has signed an agreement with the German state-owned development bank KfW for a loan of 340 million euros (₹3,044.54 crore) to support Phase 2 of the Bangalore Metro Rail Project.

With the signing of this loan agreement, 100 per cent financial closure has been achieved for Phase 2 of the project. Additionally, a separate project agreement was signed between Bangalore Metro Rail Corporation Limited (BMRCL) and KfW Germany for the said loan.

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In a release, BMRCL stated that of the approved senior debt of ₹12,141.14 crore, ₹9,096.60 crore had already been arranged through JICA, AFD, AIIB, and EIB. “With the signing of this new loan agreement, the external funding for the Bangalore Metro Rail Project Phase 2 is now complete,” it added.