France to fund Namma Bengluru, Kochi Metro projects
Metro projects of Bangalore, Kochi and Nagpur are likely to receive funding from France, which has decided to increase the credit line to 2 billion Euros following Prime Minister Narendra Modi’s visit last month.
A delegation of Agence Francaise de Développement (AFD), the country’s bilateral financial institution, is in India on a two-day visit to discuss about projects that could be funded, especially in the areas of sustainable urban development and smart cities.
Pascal Pacaut, Director for the Asia department of the AFD, said the cooperation between AFD and India started in 2008 starting with 1 billion euros. However, after Modi’s visit to France, the credit line has been increased to 2 billion Euros.
There is a possibility for several other projects like sewerage plant for Chennai and projects on Pondicherry, could be funded by the AFD.
The phase 2 of Kochi and Bangalore Metros and phase 1 of Nagpur Metro are in the pipeline and there is a possibility that these projects could be funded by the Agence Francaise de Développement (AFD). However, this is only a part of the total funding required for these projects,” said S Selvakumar, Joint Secretary, Department of Economic Affairs.
Selvakumar said the AFD have also shown interest in other projects which are related to Swachh Bharat Abhiyan. This includes a solid waste management plant for Puducherry.
“There are several other projects like sewerage plant for Chennai, but all this depends on the readiness of the project,” he added.
Another area of cooperation is Prime Minister (Modi) has launched a very ambitious (Make in India) programme and French companies are looking at 10 per cent growth in their investments.