European Investment Bank Supports Bengaluru’s New Railway Project
The European Investment Bank (EIB) has announced a significant loan of Euro 300 million (Rs 2,800 crore) to develop a new suburban railway network in Bengaluru, India. This project will cover four rail corridors, spanning 149 km with 58 stations and two depots. The agreement was signed in Gandhinagar with Awadhesh Mehta, Director of Finance at the Karnataka Rail Infrastructure Development Company.
Bengaluru’s Growing Population and Transport Needs
Bengaluru, home to around 14 million people, is expected to grow to 20 million by 2030. The EIB has previously supported the city’s transport sector with a Euro 500 million loan for the Bengaluru Metro R6 line. The new railway project aims to reduce carbon emissions and is expected to handle 400,000 daily trips by 2029, increasing to 1.4 million by 2040.
Focus on Women’s Safety and Economic Impact
The project includes features to enhance safety and access for women, promoting their participation in construction. EIB Vice-President Nicola Beer highlighted the project’s positive impact on women’s access to economic and social opportunities.
EU’s Commitment to Sustainable Transport
EU Ambassador Herve Delphin emphasized the EIB’s investment of nearly Euro 5 billion in sustainable projects in India, with a focus on climate action. The new railway project is part of the EU Global Gateway Initiative, aiming to improve connectivity and promote sustainable growth in Bengaluru.
Doubts Revealed
European Investment Bank -: The European Investment Bank (EIB) is a bank owned by the countries of the European Union. It provides loans for projects that help improve the economy and environment.
Rs 2,800 Crore -: Rs 2,800 Crore is a large amount of money, equal to 28 billion Indian Rupees. It’s used to fund big projects like building railways.
Bengaluru -: Bengaluru is a big city in India, known for its technology industry and traffic problems. It’s the capital of the state of Karnataka.
Suburban railway network -: A suburban railway network is a train system that connects the city center with surrounding areas. It helps people travel easily and reduces traffic on roads.
Carbon emissions -: Carbon emissions are gases released into the air from things like cars and factories. They can harm the environment and contribute to climate change.
EU Global Gateway Initiative -: The EU Global Gateway Initiative is a plan by the European Union to invest in projects around the world. It focuses on building infrastructure like roads and railways to connect people and improve trade.