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German bank pulls out of railway modernization project in India

German bank pulls out of railway modernization project in India
14:22 11 May 2015
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A German bank has pulled out from a railway modernization project in India due to failure to observe the contract by its Indian partners, Xinhua reported.

The German KFW Bank has pulled out of its 82-million-euro local commitment for an Indian Railway modernization project being executed by a joint Indian-Italian consortium, said the report.

The bank said it saw "recurrent delays" and "weak disbursements " despite "consecutive government to government meetings over the past five years," said the report.

The bank has refused to further extension of loans in a letter to the finance ministry of India in December.

Approved in November 2005, the project is implemented by the Indian Railway Project Management Unit and involves the modernization of 47 stations on a 400 km railway track in northern Indian state Uttar Pradesh.

Only half of the loans have been utilized in the project so far by the consortium led by Ansaldo, a railway arm of the Italian Finmeccanica.

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