Telangana seeks Rs 11,700 crore loan from JICA for Hyderabad Metro Rail Phase-2

Telangana Chief Minister A Revanth Reddy on Thursday sought about Rs 11,700 crore loan from Japan International Cooperation Agency (JICA) for Hyderabad Metro Rail phase-2 project, the government said.

According to an official release, the "TelanganaRising" delegation led by Revanth Reddy held positive discussions with the top management of JICA in Tokyo to explore the possibilities for financial support for several flagship projects, including the Metro Rail Phase-2, River Musi rejuvenation and others.

"The Telangana government is keen on JICA support for the 48 per cent loan component of the project, which is about Rs 11,693 crore. He (the CM) also explained that the Indian government's foreign debt funding norms were being followed strictly by the state government," it said.

The chief minister informed the JICA team that the Metro Rail phase-2 project proposal with an investment of Rs 24,269 crore as a joint venture project of the Central and state governments was already under active consideration.

Accompanied by senior officers of the Telangana government, Reddy met Senior Vice President of JICA Shohei Hara and other senior managers.

The CM gave a detailed overview of the investor-friendly policies of the Telangana government, the attractiveness of Hyderabad as a global investments destination and large-scale infrastructure projects being taken up in the city and its surroundings.

The chief minister urged JICA to consider funding the Musi rejuvenation project and the new radial roads as well.