EIB signs Contract for providing a loan worth Rs 5500 cr for Kanpur Metro

The signing of the Finance Contract has paved way for the sanctioning of the loan amount to UPMRC for the construction and execution of Kanpur Metro Project

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Lucknow Metro
Lucknow Metro

Kanpur (Metro Rail News): European Investment Bank (EIB) has signed finance contract for the funding of Kanpur Metro Project for Euro 650 million (INR 5551.99 Cr.) today i.e. 31.08.2020 through a Virtual Signing Ceremony.

The agreement was signed in the virtual presence of Ambassador of the European Union to India and Bhutan Mr. Ugo Astuto, Vice President of EIB Mr. Andrew McDowell, Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance (GOI) and Managing Director UP Metro Rail Corporation Limited Mr. Kumar Keshav along with Director Finance UPMRC and other delegates from EIB, Ministry of Finance and European Union. 

The Signing Ceremony began with the opening remarks by Dr. C.S. Mohapatra who said, “This is indeed a significant step towards a sustained relation between India and the EIB and will certainly help boost large scale developmental projects in the country.” 

The signing of the Finance Contract has paved way for the sanctioning of the loan amount to UPMRC for the construction and execution of Kanpur Metro Project. EIB shall be taking appraisal for the Agra Metro Project also in the near future.

Vice President of EIB Mr. Andrew McDowell in his remarks said, “The exemplary work of UPMRC team in the execution of the Lucknow Metro Project and the records created by them both in terms of timely completion within the allotted budget and green initiatives of the project definitely gave momentum to the signing of this Financial Contract for the Kanpur Project being executed by UPMRC. 

Expressing delight over the agreement and the Finance Contract signed today, Mr. Kumar Keshav Managing Director of Uttar Pradesh Metro Rail Corporation said, “UPMRC is extremely thankful to European Investment Bank for their continued support in development of Metro Rail projects in the State of Uttar Pradesh. Comfortable, fast, safe, energy efficient and affordable public transport systems like Metro are needed for cities to become the engines of growth in our Country. Faith and whole-hearted support of EIB in funding Lucknow Metro, a world-class Metro system in the capital city of Uttar Pradesh ahead of stipulated time and within the approved cost is a pride for all of us. On behalf of the UPMRC team,  I again assure that fulfilling the trust shown by EIB in funding the Kanpur Metro project will be our highest priority in delivering this prestigious project in time which will further accelerate long term economic and social development of the city.”

“After the inauguration of the civil construction work of the Kanpur Metro project by CM of Uttar Pradesh, Yogi Adityanath in presence of Hardeep Singh Puri, Union Minister for Housing & Urban Affairs (I/C) on 15thNov., 2019, UPMRC is executing the Kanpur Metro project with remarkable pace. Even during the post lock down period, strategic execution of the UPMRC’s engineers resulted in maintaining the workforce and keeping up the pace of the civil construction of the 9KMs lon Priority Corridor (IIT to Motijheel), while implementing all the guidelines issued by the governments. Recently UPMRC has commenced the erection of the U-girders in the esteemed presence of Chief Secretary, GoUP”, UPMRC said in a statement.  

“Excellent achievement for whole team of UPMRC. This is faster than Lucknow Metro Phase-1A project.I am sure we are moving at right pace for delivering Kanpur Metro project in time”, said Kumar Keshav to Metro Rail News.

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