GoI and EIB sign financing contract for second tranche of € 150 million for Pune metro project
The Government of India (GoI) and the European Investment Bank (EIB) signed the financing contract for the second tranche of 150 million euros of the Pune Metro Rail project through a virtual signing ceremony
New Delhi: The Government of India (GoI) and the European Investment Bank (EIB) today signed the financing contract for the second tranche of 150 million euros of the Pune metro project through a signing ceremony Virtual. The signing ceremony took place in the presence of HE Mr. Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal, and HE Mr. Werner Hoyer, President of the EIB. Shri K. Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed the loan on behalf of the Government of India, and Mr. Christian Kettel Thomsen, Vice-President, signed the loan on behalf of the EIB.
The EIB had approved the total loan of 600 million euros to finance the Pune metro project. The financing contract for the first tranche of 200 million euros was signed between the GoI and the EIB on 22.7.2019. The project aims to provide an efficient, safe, economical and pollution-free mass rapid transit system in a densely populated area of the city of Pune served by heterogeneous traffic options.
The EIB financing will help finance the construction and operation of Corridor 1 (North-South) – Pimpri Chinchwad Municipal Corporation (PCMC) in Swargate and Corridor 2 (West-East) – Vanaz (Kothrud) in Ramvadi, on a total of approximately 31.25 kilometers (km) and related purchase of a related fleet of metro cars. In addition, the project will serve a large working class population by providing urban mobility for their livelihood. Maharashtra Metro Rail Corporation Ltd. (MAHAMETRO) is the executing agency for this project.
Publication date : 08-05-21