It was evident from the beginning that the timely availability of funds would be a key factor for the successful implementation of the project. The fund requirements were, therefore, planned well in advance and the sources of funds tied up before the real work began.
Phase I : Broadly speaking, about 60% of the project cost was financed by the Government of Japan by way of a soft loan through the Japan Bank for International Cooperation (JBIC), now called the Japan International Cooperation Agency (JICA).
The Central Government and the State Government jointly financed 28% of the project cost through equity contributions in addition to providing a subordinate loan to cover the cost of land acquisition which roughly worked out to 5% of the project cost. The balance 7% funds were internally generated through property development.
Phase II : For the second phase of Metro construction, the JICA loan has contributed 54.47 percent of the funding. While the equity from the Governments of India and Delhi increased to 16.39 percent each. For the construction of the Airport Express link, 39 percent was contributed by the governments of India and Delhi and 46 percent by the concessionaire as this was the first ever project of the Delhi Metro on the public-private partnership model. For the extension of the Delhi Metro to Gurgaon in Haryana and NOIDA in Uttar Pradesh, the respective state governments contributed 58 percent each. The total cost of phase 2 is ` 18,783 crores (US$ 3.2 Billion) approximately.
Phase III: The total estimated expenditure for Phase III expansion is ` 41,079 crores. JICA is going to provide 48.57 percent of the total fund requirement while the Government of India and the Government of Delhi will pay 10.04 percent each. The expenditure for the expansion of Metro to Faridabad is ` 2492 crores and the Metro corridor from Kalindi Kunj to Botanical Garden in NOIDA will cost ` 894 crores.