AFD Bank signs ₹1,700 crore loan agreement with GMRC for Ahmedabad Metro Phase 2

Gandhinagar, India (Metro Rail Today): The AFD - Agence Française de Développement and the Gujarat Metro Rail Corporation (GMRC) Limited formalized their 2nd collaboration to develop the mass rapid transit system (MRTS) in Gujarat. In this regard, AFD signed an agreement with GMRC to extend financial support of about Rs 1,700 crore for the extension of the Ahmedabad Metro Rail towards Gandhinagar under Phase 2.

This project agreement was signed between the senior officials of both parties in presence of French Ambassador, Emmanuel Lenain on 19th October 2022 in Gandhinagar, Gujarat.

"Proud to witness the signing of Ahmedabad metro Phase-II agreement! Backed by AFD (Agence Française de Développement), the French Development Agency’s financing of over ₹1700 crores, Phase II will expand the metro towards Gandhinagar. A crucial clean mobility project for fast-growing Gujarat" said French Ambassador Emmanuel Lenain.

"Together with the KfW, AFD will commit over 300M€ for the construction of 28km metro lines and 22 elevated stations between Ahmedabad and Gandhinagar, also serving the new GIFT City economic zone. The ridership is expected to reach 335 000 passengers/day within 30 years," said the official statement.

This project will curb the increase in travel times & costs for private vehicle users; limit Greenhouse Gas emissions; contribute to global urban development through the Transit-Oriented Development approach; promote a greener urban environment through active modes of transportation, and facilitate access to public transport for women.

"The project also has coherence with the “MobiliseYourCity” partnership with the European Union and the Ahmedabad Municipal Corporation, under which additional support to GMRC on innovative topics could be a very interesting opportunity," added the statement.

The 28.254 km Ahmedabad Metro Phase 2 project with 2 corridors will be built at the estimated cost of Rs 5,384.17 crores.