Bank of Baroda Sanctions Rs 2,000 Crore Loan For Bundelkahnd Expressway Project
Bank of Baroda has sanctioned a loan of Rs 2,000 crore for the ambitious Bundelkhand Expressway project, according to a release issued on Thursday by the Uttar Pradesh government.
Another milestone has been attained in the progress of Bundelkhand Expressway Project, aimed at development of Bundelkhand area of the state, it said.
For the financing of this prestigious project, Bank of Baroda Managing Director and Chief Executive Officer PS Jaykumar had given in-principle commitment of Rs 1,500 crore but on the initiative of the chief minister, the bank has now sanctioned investment of Rs 2,000 crore in this project as a part of the consortium loan of Rs 7,000 crore, the release said.
With this initiative, other banks would also be able to fast-track the loan proposals under their consideration and Uttar Pradesh Expressways Industrial Development Authority shall be able to attain expeditious financial closure of the loan of Rs 7,000 crore for this project with the approval of the state government.
Bundelkhand Expressway project, one of the core projects of the state government, is aimed at expediting the socio-financial development of the area.
Bundelkhand Expressway conceived as a 296 kilometre long expressway with origin at Bharatkoop in Chitrakoot district and merging with Agra-Lucknow Expressway at Kudrail village in Etawah district will traverse through the districts of Chitrakoot, Banda, Hemirpur, Mahoba, Jalaun, Oraiya and Etawah.
This Expressway, when completed, will provide faster and seem-less connectivity to Agra, National Capital Region, Delhi via the existing Agra-Lucknow Expressway and Yamuna Expressway.
The Industrial Corridor and the Defence Corridor proposed by the state government alongside the Bundelkhand Expressway shall further add to the industrial and economic activities in this area, thus encouraging the development of Bundelkhand.
Quoting CEO of UPEIDA, Awanish Awasthi, the release said for the Bundelkhand Expressway Project, the state government has approved the project cost of about Rs 14,850 crore out of which Rs 7,000 crore shall be raised by UPEIDA as consortium loan from banks and the balance investment amount shall be made available by the state government.
Out of this loan, Rs 2,000 crore shall be invested by Bank of Baroda. The bank has also agreed to play the role of the Leader of Consortium being formed by UPEIDA with other banks interested in investment in Bundelkhand Expressway Project.