Telangana Chief Minister Revanth Reddy government has initiated the expansion of the Hyderabad Metro Rail. 70 km metro expansion works are being carried out on all 6 lines. These works require huge funds. In this context, on Thursday, CM Revanth Reddy sought loans from Japan International Cooperation Agency (JICA) for developmental projects in Hyderabad such as Hyderabad Metro Rail expansion and Musi Riverfront development program.
According to the latest report, the metro expansion works will cost Rs 17,500 cr will be spent. Generally, the state government spends 35 % and the central government spends 15 % of the funds for such projects. The remaining 50 % of the funds will be provided in the form of loans. However, this time the Telangana govt is leaning towards a new model. Out of 50 %, 5 % is going to be given to Public Private Partnership. The remaining 45 % funds are planned to be borrowed for long term.
During his meeting with Japan International Cooperation Agency India chief representative Mitsunori Saito at the Secretariat, CM Revanth Reddy explained his government’s plans to develop second phase of the Hyderabad Metro Rail project, connecting Shamshabad airport from the 4 corners of the city. Revanth Reddy submitted proposals on proposed new metro routes covering 70 km under Phase-2.
JICA has also allocated Rs 1.07 lakh crores loans have been sanctioned.