Amaravati Metro Rail project is facing hardships due the lack of funds.
Vijayawada: Amaravati Metro Rail project is facing hardships due the lack of funds. The Andhra Pradesh State government which kept a deadline to complete the first phase of Metro rail works by 2019 is failing to provide necessary funds for the project. Land acquisition and permission for the project had become problems for the project. Meanwhile, locals of Eluru Road are seriously opposing the project and planning to stage protests.
Metro Rail Corporation which hoped to get funds in state and Union Budgets has been disappointed with the poor allocations. The estimate cost of the project is Rs 6,000 crore out of which Union government’s share is Rs 1,200 crore which consists of Rs 886.5 crore equity and Rs 333.5 crore being the subordinate debt. “Union government had given Rs 100 crore as equity and Rs 1 crore as subordinate debt in the 2016-17 Budget. We are hoping for additional funds this year to speed up the project. Foreign loan of around Rs 3,000 crore is in the pipeline. German company KFW, along with AFD, is ready to finance 500 million euros on this project,”said Amaravati Metro Corporation MD Rama Krishna Reddy.
Owners of residential and commercial complexes in Eluru Road are seriously opposing the project and continuing their protests. Huge flexes were arranged in front of shops in Besant Road saying that this project is not necessary on this route. “Government is forcing the Metro on Vijayawada public. We are not ready to lose our shops and houses for this project. Metro Rail is not necessary in Vij-ayawada as city bus services are running in loss. We will oppose road extension,” says M. Bhaskar Rao, a businessman at Apsara Centre. Metro Rail authorities are requesting citizens not to get panicky as they are just going for road widening at sel-ect places where road width is below 21.5 meters.
118 total views, 3 views today