European Investment Bank Commits €300 Million For Bengaluru Suburban Railway Project
Date
10/25/2024 9:00:21 AM
(MENAFN- Live Mint) The European investment bank (EIB), the lending arm of the European Union, said on Friday that it has approved a €300 million loan to develop a suburban railway Network in Bengaluru. The ambitious project will span 149 km, encompassing four rail corridors, 58 stations, and two depots, aimed at alleviating pollution, reducing congestion, and enhancing passenger safety, particularly for women.
The new railway system, scheduled for full operation by 2029, is expected to integrate with the city's metro and rail systems, establishing multimodal hubs that will enable seamless transfers between various modes of public transportation.
"The Bengaluru suburban railway is expected to unlock significant synergy effects with the existing rail operation, as well as with the metro system, by creating multimodal transport hubs with several interconnecting stations to facilitate a seamless transfer between different public transport modes," the EIB said in a statement.
The project also aims to shift urban commuters from road to rail, addressing critical urban issues such as traffic congestion, air and noise pollution, and road safety. "The project promotes a modal shift from road to rail and addresses congestion, air and noise pollution, road safety and greenhouse gas emissions while providing an affordable mobility solution to improve access to jobs and study opportunities," the EIB added.
On completion, the suburban network is projected to reduce Bengaluru's carbon emissions by 43%. The daily ridership is expected to reach 400,000 trips during the first year of operations, eventually scaling to 1.4 million trips per day by 2040, underlining its transformative impact on urban mobility.
"This funding (€300 million) complements the €500 million we allocated for the construction of the Bengaluru Metro R6 line, addressing Bengaluru's mobility challenges by developing a clean, modern and efficient public transport system," said EIB vice-president Nicola Beer.
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