Kanpur Metro | European Investment Bank ready to fund Kanpur Metro Rail project


Lucknow: A three-member European Investment Bank (EIB) team visited the workshop of Kanpur metro and the proposed stations to come up on the first route between IIT-Kanpur and Naubasta on Thursday. The EIB team stated that the bank will render help. But it did not disclose the amount that would be provided by the bank.

The team acknowledged that there is a need for rapid and convenient mode of public transport in Kanpur. The team stated that keeping in view the vastness and population of the city, Metro service would be a best.

On Wednesday, EIB team had seen a presentation on Kanpur metro in Lucknow, where officials of Lucknow Metro Rail Corporation (LMRC), RITES and KDA were present.

Divisional commissioner Iftikharuddin, during a meeting with the EIB officials, said that the file of Kanpur metro project has already been sent to Union government. He said that all formalities related to the metro project have been completed.

The team said that the land, which has been acquired for metro project, belongs to government and that there is no dispute. He also said that all those who have been displaced or establishments displaced will be rehabilitated properly.

The team was apprised by officials of Kanpur Development Authority (KDA) that a total of 31 metro stations would be made on two routes. This will include 19 elevated and 12 undeground metro stations.
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They were also told that a total of Rs 13,221 crore would be spent in the project.

EIB is second after Japan International Cooperationn Agency (JICA) which had evinced interest in funding the Kanpur metro project. If both JICA and EIB provide loan to Kanpur metro project, it will reduce pressure on the UP and the Central governments.

The loan from EIB would be for a 20-year period and provided at a very low rate of interest.
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