AGRA (Metro Rail News): Mr. Kris Peeters, Vice-President, European Investment Bank (EIB), along with 4 team members, visited the Agra Metro Project on 14 July 2023 to inspect and assess Agra Metro Rail Project. The project is being executed under the leadership of Mr. Sushil Kumar, Managing Director, UPMRCL.
Last year, a team of investment officers from the EIB also visited the ongoing Metro projects of UPMRC, where they were immensely impressed with the pace of the Agra Metro Project work and the way it is moving ahead with a strict timeline.
Mr. Kris Peeters, along with team members, visited and inspected the Taj East Gate Metro Station, Agra Metro Depot and Agra Fort Metro Station (Underground).
Vice President European Investment Bank, Kris Peeters, said, “The European Investment Bank (EIB), as the Bank of the European Union, is proud of its contribution to this project because it will improve the quality of life for the citizens and visitors of the historic city of Agra, and will help India in achieving its climate goals.
UPMRC will always have our cooperation; always ready to partner on other metro projects”, said Vice President Peeters.
“Once completed, the EIB-backed Agra metro rail will facilitate travel by more than 2 million people living in the city of Agra. This sustainable transport investment that will be supported by a total €450 million loan enables more accessible and affordable access to workplaces, healthcare, education and markets while protecting the environment and improving the quality of air in the city.
This is a good example of how international cooperation and local know-how can make tangible improvements for people and businesses alike and, at the same time, contribute to climate action and the protection of the environment. I am very proud to see cooperation between Europe and India growing through projects like this,” said Vice President Peeters.
Speaking on the same, Managing Director UP Metro Shri Sushil Kumar said, “I am very happy and thankful to European Investment bank for their continued support to the development of Metro rail projects being implemented in the state of Uttar Pradesh. After funding the Lucknow & Kanpur Metro projects, EIB is providing full support for Agra Metro project also. “
“A timely disbursement of funds from EIB accelerates the speed of work and helps in re-emergence of the local economy,” he added.
“EIB our most trusted financial partner; committed to give Agra world class metro by March 2024”, said MD, UPMRC Shri Sushil Kumar.
Advantages of a metro system in Agra city :
Metro projects provide an effective, efficient and quality transport that improves the overall health of the city.
Metro services are accessible to groups such as women and those with reduced mobility.
Metro projects shorten travel time, create an affordable and accessible transport for all.
Metro projects improve the quality of life and reduce greenhouse gas emissions in the city.
Agra is the sixth urban metro rail project that EIB supports in India. It brings EIB’s total approved commitments to the sector to over 3 billion euros, of which over 2 billion euros have been signed. These investments translate the India-EU Connectivity Partnership into tangible improvements for India’s people and accelerate green, sustainable and inclusive growth.
The European Investment Bank (EIB) shall be funding EURO 450 Million for the Agra Metro Project, which is made available to UPMRC through gross budgetary resources in the form of Pass-Through Assistance (PTA) from the Government of India.
Broader context — other metro projects in India (6 in total including Agra, the last one)
In Uttar Pradesh the EIB is financing 3 metro projects in Agra, Kanpur and Lucknow, with Uttar Pradesh Metro Rail Corporation Limited (UPMRCL) as promoter.
– The EIB is financing 3 other metro projects in other states:
- Bhopal: 400m (state of Madhya Pradesh)
- Bangalore: 500m (state of Karnataka)
- Pune: 600m (state of Maharastra)
India is the largest beneficiary of EIB transport financing outside Europe.
Figures about metro projects in India
- The total amount approved by the Board for metro projects in India is EUR 3,050m
– Lucknow: 450m – project completed one year ahead of schedule
– Bangalore Metro: 500m
– Pune: 600m
–Bhopal: 400m
–Kanpur: 650m
–Agra: 450m
-Total = 3,050m
Other transport projects in Bangalore (suburban metro rail) and Nagpur Metro are also being assessed for a total of EUR 540m.
