Kanpur Metro Rail project got €650 million loans from the European Investment Bank

Kanpur Metro project after assessing the project got €650 million from the European Investment Bank (EIB). The total supposed expense of the project is around €1.5 billion.

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LUCKNOW (Metro Rail News): Kanpur Metro project after assessing the project got €650 million from the European Investment Bank (EIB). The total supposed expense of the project is around €1.5 billion.

“The Government of India (GOI) has asked for a loan from EIB for the cost of the Kanpur Metro Project and it proposes to apply part of the proceeds to payments for works, goods, related services and consulting services to be delivered under this project. The project would be most probably jointly financed by the EIB with the GOI and Govt of UP,” declared in the statement.

“This project contributes to the 2 major objectives of the EIB External Mandate: (i) climate change mitigation, by promoting a modal shift from road to the rail where decreasing greenhouse gas emissions and also (ii) social and economic infrastructure development by donating to urban development.

The project is in series with the EU Country Strategy Paper for India that highlights the infrastructure gap and requires to address rising greenhouse gas emissions”, quoted in the statement issued by the European Investment Bank.

Kanpur Metro project concerns the development of a metro line of around 32.385 km with thirty stations and related procurement of metro cars in the city of Kanpur, India. Development of the 1st priority corridor of the first phase of the Kanpur Metro project already commenced on 15th Nov 2020.

In the 2020-2021 budget, the state govt has allotted EUR 46.6 million for the phase-I of the project. This phase-I includes the development of a line connecting IIT Kanpur-Naubasta where the 2nd corridor would provide the metro link among Agriculture University-Barra-8. In 2016, The Japan International Cooperation Agency (JICA) had assessed the Kanpur Metro project and expressed an interest to give funding assistance.

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