In order to fast track the Nagpur metro project, the executer of the venture has finalized the funding deal for the project as an agreement between the two funding agencies - The Agence Française de Développement (AFD, or French Development Agency) and KfW banking group of Germany has agreed to finance the venture, managing director of Nagpur Metro Railway Corporation Ltd (NMRCL), Brijesh Dixit said and that the deal is being signed very shortly.
The state government sources said that a delegation of AFD would meet him in Mumbai to negotiate rate of interest, duration of the loan, terms and conditions. However, the state will try to get concession on account of the fact that metro rail is also a part of government's social commitment as its part of financing is about Rs. 500cr which would be sanctioned this fiscal and that an allocation of Rs. 200cr has already been made in the current budget, he added.