AGRA, INDIA (Metro Rail News): On Thursday, India and the European Investment Bank (EIB) inked a finance deal for the Agra Metro Rail Project’s first tranche loan of Euro 250 million. According to a press release from the Ministry of Finance, Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, signed the loan document on behalf of the Government of India, and Edvardas Bumsteinas, Head of Divisions, signed the loan document on behalf of the European Investment Bank (EIB) in New Delhi and Brussels, respectively.
The Agra Metro project in Agra, Uttar Pradesh, was inaugrated by Prime Minister Narendra Modi via video conference last year, according to the press release. EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.
According to the statement, the project intends to offer a safe, dependable, cheap, and environmentally friendly public Mass Rapid Transit System for Agra city, which will boost mobility and assist efforts for planned urban expansion in Agra.
The EIB loan would assist fund the building of a 29.4-kilometer metro line in Agra City, which will include Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km). According to the statement, the initiative will also boost the city’s economic output and help create jobs.
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.