Delhi Metro paid back Rs 567 cr in loan and interest to JICA
The Delhi Metro, one of the few metros in the world making an operational profit, has paid back over R 567 crore in loan amount and interest to the Japan International Cooperation Agency.delhi Updated: Aug 07, 2010 16:45 IST
The Delhi Metro, one of the few metros in the world making an operational profit, has paid back over Rs 567 crore in loan amount and interest to the Japan International Cooperation Agency.
This includes the loan amount for Phase–I and the interest for Phases I and II.
JICA (formerly known as JBIC - Japan Bank for International Cooperation) had sanctioned a loan of Rs 6434.06 crore for Delhi Metro's Phase–I project on an annual interest of 1.30 per cent-2.30 per cent.
Phase–I comprised 65 kms and was completed in 2002 with a total cost of Rs 10,571 crore out of which 60 per cent was financed by JICA, DMRC spokesman Anuj Dayal said on Saturday.
The Metro started paying back the loan for Phase-I from 2007 and the total loan paid back for Phase–I is Rs 95.83 crore. R 471.73 crore in interest on the loan amount for both Phase–I and II has also been paid back.
The loan payback period for both Phase–I and II is 30 years with a moratorium of 10 years.
Hence, DMRC can pay back the loan for Phase–I by 2035 and for Phase–II by 2040, Dayal said.
The total cost for Phase–II is approximately Rs 20,000 crore and JICA is financing 49.19 per cent of this project.
For DMRC's Phase–II, JICA has sanctioned a loan amount of Rs 9686.69 crore to be paid in five tranches on an annual interest of 1.20 per cent-1.40 per cent.
Till date four tranches have been paid to DMRC. Phase-II comprises 124.61 kms and will be completed by next month before the Commonwealth Games.
The first tranche for Phase–I and Phase–II was received by DMRC in 1998 and 2006 respectively.
The last tranche for Phase–I was received in 2005. The 4th tranche of Phase–II was received in 2009 while the final (fifth) tranche will be received in 2010.
Overall, JICA has collectively paid over 16,000 crore to DMRC for both Phase–I and Phase–II projects, Dayal said.
The DMRC is one of the few metros in the world making an operational profit and the surplus generated is used to pay back the loan taken from the Government of Japan.
After completion of Phase–I and II, Delhi Metro will have a total network of over 190 kms covering the Delhi and NCR regions. Phase–II is also crucial in view of the Games because the Metro link will be connecting 10 out of a total of 11 venues of the mega sporting event.