Tripartite agreement between the Ministry of Railways, Government of Karnataka and KRIDE was signed on Wednesday which specifies the responsibilities and coordination methodology among Ministry of Railways, Government of Karnataka and KRIDE.
“This agreement is critical for the successful completion of such a large project. The purpose of this agreement is to establish broad principles of cooperation and modalities that will guide and govern the role of the Government of Karnataka, Ministry of Railways, and K-RIDE (Rail Infrastructure development company (Karnataka) limited in the effective implementation of the BSRP project,” a release stated.
“The tripartite agreement is one of the mandatory requirements for signing of loan agreement with Bilateral funding agencies and will also facilitates the closure of funding process of 800 million euro i.e ₹7438 crore, with KfW, Germany and European Investment Bank, Luxembourg for this ambitious project ,” the release added.
