23-Dec-2021: Government of India & European Investment Bank sign finance contract for first tranche loan of Euro 250 million for Agra Metro Rail project

The Government of India (GoI) and European Investment Bank (EIB) yesterday signed a Finance Contract for first tranche loan of Euro 250 million for Agra Metro Rail Project. Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of Government of India and Mr. Edvardas Bumsteinas jointly with Mr. Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed the loan document in New Delhi and in Brussels respectively.

Hon’ble Prime Minister Shri Narendra Modi had inaugurated construction work of Agra Metro project in Agra, Uttar Pradesh, last year through video conference.

EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.  The project aims to provide safe, reliable, affordable and environment friendly public Mass Rapid Transit System for Agra city which will improve mobility and support endeavour for planned urban development in Agra. The financing from EIB will help to fund construction of 29.4 km metro corridor comprises of Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in the Agra City. Further, the project will enhance economic productivity of the city and catalyse job creation.

Ministry of Housing and Urban Affairs is the Government of India’s line ministry for this Project and Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is the implementing agency.

7-May-2021: Government of India and European Investment Bank sign finance contract for second tranche of Euro 150 million for Pune Metro Rail project

The Government of India (GoI) and European Investment Bank (EIB) here today signed the finance contract for second tranche of Euro 150 million for Pune Metro Rail project through a virtual signing ceremony. The signing ceremony was held in the presence of H.E. Mr. Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal and H.E. Mr. Werner Hoyer, President EIB. Shri K. Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed the loan on behalf of Government of India and Mr. Christian Kettel Thomsen, Vice-President, signed the loan on behalf of EIB.

EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The Finance Contract for first tranche of Euro 200 million was signed between GoI and EIB on 22.7.2019. The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated area in the city of Pune served with heterogeneous traffic options.

The financing from EIB will help to fund construction and operation of Corridor 1 (North-South) - Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and Corridor 2 (West-East) –Vanaz (Kothrud) to Ramvadi, totaling about 31.25 kilometers (km) and related purchase of a related fleet of metro cars. Further, the project will serve large population which consisting working class in providing urban mobility for their livelihood. The Maharashtra Metro Rail Corporation Ltd. (MAHAMETRO) is the implementing agency for this project.