World Bank and Asian Infrastructure Investment (AII) Bank have sanctioned an amount of Rs 6,325.50 crore for the construction of Pune Metro Rail project.
A special purpose vehicle will be created for the disbursement of funds. These funds will be sanctioned in two to three tranches.
Other than the 50 per cent funds coming from WB and AII Bank, 20 per cent funds will come from the Centre and State, each and rest of 10 per cent will be contributed by two municipalities of the city.
So far the Centre has sanctioned Rs 2,118 crore, State Government has committed Rs 2,460 crore and both the city corporations-Pune Municipal Corporation and Pimpri-Chinchwad Municipal Corporation-will sanction a total of Rs 1,278.10 crore for the project.
The Delhi Metro Rail Corporation had submitted the proposal for Pune Metro rail in 2009 estimating the project cost to be Rs 7,984 crore, which was revised in 2015 with new estimate to Rs 11,522 crore.