EIB Grants €150 Million Loan to Support Metro Rail Development in Pune

This project, which Maharashtra Metro Rail Corporation handles, is estimated to benefit 159 million passengers annually with 31.25 km of metro construction and 30 stations.

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PUNE (Metro Rail News): The European Investment Bank (EIB) announced a €150 million loan for the next 20 years to support the development of Pune’s metro rail on 9th February. This project, which Maharashtra Metro Rail Corporation handles, is estimated to benefit 159 million passengers annually with 31.25 km of metro construction and 30 stations.

 Furthermore, it will make travelling easier for more than three million people living in the city, reducing their commuting time and providing them with a safe and accessible mode of transportation. Additionally, improved transport will improve the quality of life and business and reduce the city’s greenhouse gas emissions. Special measures have been planned to ensure the safety of women travellers.

Once finished in 2023, the Pune metro will generate about 900 new job opportunities. This project is co-funded by Agence Française de Développement (AFD) as part of the EU’s Global Gateway Initiative. It seeks to improve global and regional connectivity in the digital, climate, transport, health, energy, and education sectors.

Kris Peeters, Vice President of the European Investment Bank, stated, “The EIB-funded Pune metro rail will, upon completion, provide transportation to over 3 million inhabitants of the city of Pune.

This EUR 500 million loan for sustainable transport investment will make commuting to workplaces, healthcare, education and markets more accessible and cheaper while safeguarding the environment and improving air quality in the city.”

Ugo Astuto, EU Ambassador to India, underlined that sustainable mobility and green transition constitute a fundamental pillar of the EU-India strategic partnership and that the European Investment Bank (EIB) investment in the Indian Metro system expresses our dedication towards modern, clean and eco-friendly public transport.

He added that the Pune Metro Rail project would bring about secure, efficient and sustainable public transport for its inhabitants, in line with the aims established for Team Europe by the EU Global Gateway initiative. Moreover, this project will fulfil numerous Sustainable Development Goals, including climate action, urban sustainability, and gender equality.

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