The European Investment Bank and the Government of India signed a EUR 300 million loan agreement for Pune and Kanpur metro projects.
During a virtual ceremony, the agreement was signed by K. Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Christian Kettel Thomsen, Vice-President of EIB. The signatures took place ahead of the EU-India leaders meeting in Portugal, with Francisco Andre, Secretary of State of Foreign Affairs and Cooperation attending on behalf of the Portuguese Presidency of the Council of the European Union and Werner Hoyer, the President EIB participated at the ceremony.
The “agreements will further support transformation of urban mobility for millions of commuters through the construction of new world-class Pune and Kanpur metro projects.
A second tranche of EUR 150 million (Rs 1,350 crore) will be provided for Pune metro project implemented by the Maharashtra Metro Rail Corporation (Maha Metro). EIB approved a total loan of EUR 600 million (Rs 5,400 crore) for Pune metro project with a first tranche of EUR 200 million.
The financing from the EIB will help to fund the construction and operation of the two Pune metro corridors and the procurement of the train fleet. The two corridors will have a total length of 31.25 km serving large population areas.
The first metro corridor will be constructed from Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate, providing transport connection on North-South axis. The line will have 17.4 km served by 14 stations of which five underground and nine elevated stations.
The second corridor will be constructed on the West-East axis between Vanaz and Ramvadi. It will have 15.7 km and 16 elevated stations.
Under the latest agreement, Kanpur metro will benefit a EUR 150 million funding from the European Investment Bank, that in 2020 approved a EUR 650 million loan for the project. The 32.4 km metro line will have 30 stations of which 18 elevated and 12 underground stations. Once completed, Kanpur metro line will create 1 100 new jobs and enable around 116 million more affordable commutes each year.
To date, the European Investment Bank has invested EUR 2.6 billion in urban metro systems in Bhopal, Kanpur, Pune, Lucknow and Bangalore.
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