New Delhi, Dec 27: NCR Planning Board has released the first loan installment of Rs 406 crore for the Noida- Greater Noida Metro project which is targeted to be completed by April 2018.

National Capital Region Planning Board (NCRPB) has already sanctioned a loan of Rs 1,587 crore to Noida Metro Rail Corporation (NMRC) for the 29.70 km Noida-Greater Noida Metro Project that is estimated to cost Rs 5,533 crore.

The 20 year loan, including a moratorium of five years for repayment, carries an interest rate of 7 per cent per year and an incentive of 0.25 per cent for timely repayment of installments.

"Noida-Greater Noida metro link is important for enabling a seamless travel in NCR which the Board is committed to promote. Further release of funds to this important section depends on physical and financial progress of the section," NCRPB Member Secretary B K Tripathy said while announcing the disbursement of the first installment of loan.

NCR Regional Plan-2021 has emphasised the need for strengthening connectivity between NCR towns, he added.