In a boost to Delhi Metro’s expansion under Phase 3, a Japanese financial institution has sanctioned a soft loan of Rs 7,922 crore on Thursday.
Shinichi Yamanaka, chief representative of the Japan International Cooperation Agency, signed an agreement with Prabodh Saxena, joint secretary at the Department of Economic Affairs of the Ministry of Finance. Saxena said the amount would be disbursed soon.
The Japanese agency will fund a total of Rs 14,097 crore to build a 103km network in Phase 3. Another agreement will be signed in 2014 for the disbursal of the remaining amount of the loan.