Delhi Metro gets infrastructure boost worth Rs 467 crore

In a bid to fillip the Phase III construction of the Delhi Metro, the Japan International Cooperation Agency (JICA) has invested Rs 467.12 crore in Delhi Metro Rail Corporation (DMRC) for the projects.

The loan amount sanctioned by JICA was conveyed to DMRC by the Ministry of Urban Development.

"The amount has been released to DMRC for meeting the cost of MRTS Phase-3 projects," said an official of urban development ministry.

"The amount is placed at the disposal of DMRC to meet the expenditure under 'Pass through Assistance' against loan agreement for Delhi MRTS Phase III between JICA and President of India for an amount not exceeding Japanese Yen 1,27,917 million, as principle.

The interest payable by the Government of India is 1.4 per cent per annum on the principle disbursed and outstanding, which may vary from time to time," said the official.

He also said that a total amount of Rs 19,166.47 crore had been released earlier to DMRC by the ministry. "Since the loan from JICA is available only on reimbursement basis, DMRC is required to regularly file reimbursement claims in regard to the expenditure incurred for making payments to agencies," the official said.