Metro raising Rs 3,586 crore for Phase II from ADB and EIB

Current Context: For the second phase of the metro project in Nagpur, the Mahametro Corporation has finalized its financial arrangement and secured a loan of Rs. 3,586 crores from the Asian Development Bank (ADB) and the European Investment Bank (EIB).

• The project's initial phase was sponsored by the French AFD and the German KFW, totaling about 630 million Euros.
• ADB would provide $200 million in USD, while the EIB would provide about 239 million Euros for the project.
• A total of Rs 15,388 crore would be invested as a result of phases I and II combined. The project’s second phase will cost around Rs. 6,700 crores, of which Rs. 3,100 crores will come from equity contributions from the federal and state governments.
• Nagpur Metro Phase- II
• The project's Phase II will encompass a total of 43.8 km by extending the four existing Phase I corridors. By 2026, the second phase will be finished.
• The 43.8 km long corridor will reach Hingna in the west, Transport Nagar (Kapsi) in the east, Butibori MIDC in the south, and Kanhan in the north.
• About Asian Development Bank (ADB):
• President - Masatsugu Asakawa
• Establishment – 1966
• Headquarters – Mandaluyong City, Metro Manila, Philippines
• Members – 68 members

Question: 

Q.1 MahaMetro will raise Rs 3,586 billion from which of these organizations for Nagpur Metro Phase II?
a. ADB
b. EIB
c. Both of these above
d. Neither of them above