New Delhi : India here on Thursday signed a loan agreement with the European Investment Bank (EIB) for a 300 million euro-financing for the second phase of the Bangalore Metro Rail Project, an official said.

The amount for “Phase II Line R6” of the Namma Metro (Our Metro) in Bengaluru represents the first tranche of the 500 million euro financing of the project approved in July, the Union Finance Ministry said in an official release.

“Bangalore Metro Rail Project Phase II is to be jointly financed by the European Investment Bank (Euro 500 million) and Asian Infrastructure Investment Bank (Euro 300 million),” it said.

“The project envisages extension of East-West and North-South lines, which includes a total length of 72.095 km (13.79 km underground), and 61 stations with 12 underground stations.”

The project implementation period is five years, the statement added.

In 2015, French funding agency Agence Francaise De Development (AFD) extended a Rs 1,500-crore loan for Phase II.

This was in addition to the Rs 810 crore the AFD lent for the now completed Phase I.

—IANS