The Export-Import Bank of Korea, KEXIM, came forward on Wednesday to lend a loan of Rs 4100 crore for the much-awaited Vizag metro rail project.
A team of officials from the Korea EXIM bank, led by Director (Operations) Yang Dong Chloe, discussed the issue with Andhra Pradesh Chief Secretary A.C. Punetha and Amaravati Metro Rail Corporation Limited (AMRCL) Managing Director N.P. Ramakrishna Reddy in Amaravati.
The Central government had forwarded a proposal (sent by the state government) to Korea EXIM bank. Eventually, the bank deputed a team of delegates to Amaravati to hold talks with concerned officials and carry the process further.
Reportedly, the Chief Secretary told the officials to ensure that the loan is made available on time to help the timely execution of Vizag metro rail. Punetha also mentioned that the project was a prestigious one for the state and the government is keen on implementing it successfully.
The Vizag metro rail is expected to be established at an estimated cost of Rs 8300 crore, built across three corridors extending over 42 km. The first corridor is likely to be laid from Gajuwaka to Kommadi while the other two are likely to be set up along the routes of Gurudwara-Old Post Office and Thatichetlapalem-Chinna Waltair respectively.