Saturday, January 9, 2010

3rd Phase of Delhi Metro needs 600 crores from Delhi Government

Cash-strapped Delhi government has now been told that it would need to cough up approximately Rs 600 crore for the third phase of Delhi Metro. This, after Japan Bank of International Cooperation (JBIC) reportedly expressed a reluctance to fund more than 30% of phase III. JBIC had given 70% of the funds for phases I and II.

Metro’s third phase which will cover 85 km will include areas like Vasant Kunj, Saket, Malviya Nagar and South Extension. According to a senior finance department official, the central government has recently told the city government that it is willing to bear half of the remaining cost of the project while the other half will need to be borne by Delhi government.

‘‘This additional demand at a time when we are already short of funds, has caused some alarm,’’ the official said. JBIC’s diminishing benevolence had been a matter of concern for some time now. The CM had written to the UD ministry questioning the logic of DDA not investing on development of the city when it reaps profit from the development projects.

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