EIB Sanctions 2nd tranche of €150 mn for Pune Metro Rail Project

The Government of India (GoI) and European Investment Bank (EIB) signed the finance contract for the second tranche of Euro 150 million ( Rs 1,335 Crore) for Pune Metro Rail project through a virtual signing ceremony. EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project.

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NEW DELHI (Metro Rail News): On July 22, 2019, the Government of India and the European Investment Bank signed a finance contract for the first tranche of Euro 200 million. The project’s goal is to create a mass rapid transit system (MRTS) that is efficient, safe, cost-effective, and pollution-free.

Via a virtual signing ceremony, the Government of India (GoI) and the European Investment Bank (EIB) signed the finance contract for the second tranche of Euro 150 million for the Pune Metro Rail project. The European Investment Bank (EIB) has authorised a cumulative loan of Euro 600 million to finance the Pune Metro Rail project.

H.E. Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal, and H.E. Werner Hoyer, President EIB, attended the signing ceremony. K. Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed the loan on behalf of the Government of India, and Christian Kettel signed the loan on behalf of the European Investment Bank. The loan was signed on behalf of the EIB by Vice-President Thomsen.

On July 22, 2019, the Government of India and the European Investment Bank signed a finance contract for the first tranche of Euro 200 million. The project aims to provide a reliable, clean, cost-effective, and pollution-free MRT system in a densely populated area of Pune, which is served by a variety of traffic options.

The EIB loan will be used to help finance the development and service of Corridor 1 (North-South) from Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and Corridor 2 (West-East) from Vanaz (Kothrud) to Ramvadi, totaling about 31.25 kilometres (km), as well as the procurement of a metro car fleet.

Furthermore, the scheme would benefit a huge group of working-class people by ensuring urban mobility. The Maharashtra Metro Rail Corporation Ltd. (MAHA METRO) is in charge of the project’s implementation.

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