Visakhapatnam Metro Rail Project gets investment proposal from Korea and they are looking at investment potential of various projects in AP.
A team of Personnel from Korean Exim Bank have arrived in Visakhapatnam and their interest happens to be possible investment in Andhra Pradesh. This delegation from Korea includes Yong Mong Kim, director general, Jung Wan Ryu, director, Y.H. Byun, vice-chairman, Fairbridge, Y.K. Kim, president, Fairbridge, Maria Choi, MD, Bancor International Ltd., and Mr. Thomas Gruber, executive director, BIL. They have come to look at possible infrastructure projects in AP which have good investment potential.
The bank from Korea is looking at pitching 4500 crores INR and are currently under discussion with MD, AMRC, N.P. Ramakrishna Reddy and other officials regarding their willingness to fund the ambitious Visakhapatnam Metro Rail Project at a competitive interest rate of 5-6% per anum.
The Visakhapatam Metro rail project is moving forward and AMRC has already called for tenders. The project will be executed under PPP mode i.e Public Private Partnership mode. The state government is looking at an investment contribution of Rs 4,500 crore towards the development of infrastructure. The infrastructure is for three corridors that will span a total of 42 km. The rest of the project which will include rolling stock and others is open for private investment.
Let us hope this investment will give a big push to one of the projects that the denizens of the city are looking forward to.