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Home States Patna News: Metro Rail Project Gains Momentum with INR 100 Crore Allocation

Patna News: Metro Rail Project Gains Momentum with INR 100 Crore Allocation

Patna news

Patna News: In a bid to expedite the progress of the Patna Metro Rail project, a sum of INR 100 crore has been allocated. This allocation comes as part of the second installment for the financial year 2023-24, considering the provisions outlined in the received notification from the Patna Metro Rail Corporation Limited.

The funds have been earmarked for investments in the public sector and other ventures, with approval granted by the Department of Urban Development and Housing.

Special Purpose Vehicle:

The Special Purpose Vehicle (SPV) for the execution of the Patna Metro Rail project was established in September 2018, receiving financial support from the Ministry of Housing and Urban Affairs. Additionally, the state government is expected to contribute INR 1441 crore towards the investment.

The cost-sharing for this project involves a 20-20 percent stake from both the central and state governments, with the remaining 60 percent to be fulfilled through external agency loans. JICA (Japan International Cooperation Agency) has been selected as the loan agency, although financial transactions with JICA had temporarily halted due to issues with Jaika. However, the release of funds at the state government level is anticipated to accelerate the project.

Construction of metro stations in Patna is progressing swiftly:

It is noteworthy that the construction of metro stations in Patna is progressing swiftly, with a total of 24 stations planned for the first and second corridors. Among these, 12 stations will be underground, and 12 will be elevated. The locations for both underground and elevated metro stations have been identified, and construction is advancing rapidly.

The initial focus is on building underground stations, followed by elevated stations. In April of this year, Chief Minister Nitish Kumar initiated the tunnel excavation work by pressing the button for the boring machine dedicated to the Patna Metro Rail project.

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