The Centre and Asian Development Bank (ADB) signed a $500 million loan to expand the metro rail network in Bengaluru with construction of two new metro lines totaling 56 km in length, Finance Ministry informed.
Takeo Konishi, country Director of ADB’s India Resident Mission, said that the project supports urban transformation of Bengaluru City into a more livable and sustainable city through support to urban public transport and urban development with concepts of transit-oriented development (TOD) and multi-modal integration (MMI).
TOD-based urban development model will target realigning growth and enhance the city's economic productivity by creating higher density, mixed income, safe, and resource-efficient as well as inclusive neighbourhoods - the Finance Minister said in a statement.
The Centre further said that TOD aimed to raise land values along with these corridors, generating capital revenues for the state government to meet the city’s long-term investment needs.
This will help decongest traffic in the city area and provide seamless connectivity to the airport. The needs of vulnerable groups, such as the elderly, women, children, and differently abled persons, will be availed greatly by the metro facilities.