Delhi Govt will not be able to fund Metro's third phase: Walia
Delhi Government will not be able to allocate required funds for the third phase of the metro network due to financial crisis.delhi Updated: Jan 13, 2010 23:34 IST
Delhi Government will not be able to allocate required funds for the third phase of the metro network due to financial crisis.
Delhi Finance Minister A K Walia said Government was facing severe shortage of funds due to huge spending on projects linked to the Commonwealth Games and so it will not be able to contribute its share for the third phase of metro.
Walia said Delhi Development Authority (DDA), which earns lot of money by selling lands in the capital, should be asked to contribute Delhi Government's quota of financial assistance.
The Minister even said that the Government would not be able to make the remaining quota of payments for the second phase of the Metro network and that DDA should also fund the projects.
"The DDA should also fund the metro projects. They earn lot of money by selling land in the capital. They should contribute their financial resources for development of transport network in the city," Walia told PTI.
Walia said the city Government was asked to pay Rs 1,265 crore after Japan Bank of International Cooperation (JBIC) said it would not be able to provide more than 30 per cent of the project cost for the third phase.