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Hitting roadblocks since it was first announced, the Visakhapatnam metro rail project hasn’t witnessed significant progress over the years. In the latest, this much-awaited project in Visakhapatnam has suffered back-to-back setbacks.
The recently announced Union Budget did not even mention the project as a part of its plans, leaving the State Government unhappy. Along with YSRCP leader Vijaysai Reddy, former Andhra Pradesh Chief Minister and TDP Chief Chandrababu Naidu too expressed disappointment over the Budget not mentioning the metro rail projects in Visakhapatnam and Vijayawada.
Furthermore, the Export-Import Bank of Korea, KEXIM, which had offered a loan of Rs 4200 crore to the project, reportedly backed out of it recently. “KEXIM (Export-Import Bank of Korea) conveyed their inability to extend financial assistance for the project. The state government was therefore advised to propose the project for funding to other bilateral/multilateral agencies if so desired”, a source in the Union finance ministry was quoted
as saying by Deccan Chronicle.The Visakhapatnam metro rail was proposed to be developed across three corridors, extending over 42 km, at an estimated cost of Rs 8300 crore in a Public Private Partnership (PPP) mode. The first corridor was proposed to be laid from Gajuwaka to Kommadi while the other two were thought to be set up along the routes of Gurudwara-Old Post Office and Thatichetlapalem-Chinna Waltair respectively.
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