During the 13th European Union – India summit, European Investment Bank announced it will finance Lucknow metro project. The total EIB’s investment is EUR 450 million (Rs.33 billion) and will support the first metro line in Lucknow.
“Today’s agreement represents the largest commitment of the European Investment Bank in India and the most significant support for sustainable transport investment outside Europe. The first metro line in Lucknow is a flagship project not only for Uttar Pradesh and India, but also for the EU Bank’s strengthened global commitment to support transformational investment,” Werner Hoyer, the President of the European Investment Bank said.
The EUR 450 million long-term loan agreed on March 30 will be used to finance the first metro line in Lucknow, including both construction of the 23 km long new metro line and a fleet of metro trains. The line is the first part of an expected broader metro network planned for the capital of Uttar Pradesh, the most populous state in India. Once operational the new metro is expected to increase use of public transport from 10% to an estimated 27% in the city of 3 million people.
Finance contracts for the first tranche of the European Investment Bank loan for the Lucknow Metro were signed by Jonathan Taylor, European Investment Bank Vice President responsible for Asia and H.E. Manjeev Singh Puri, Ambassador of India to Belgium, Luxembourg and European Union.
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