The Government of India and the European Investment Bank (EIB) have signed the finance contract for the second phase of the Rs 1,338 crore Pune Metro Rail Project through a virtual signing ceremony.
The EIB had approved a total loan of Rs 5,352 crore to fund the Pune Metro Rail Project. The Rs 1,784-crore finance contract for the first phase was signed between the Government of India and EIB on July 22, 2019.
The project aims to provide an efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated areas in the city of Pune served with heterogeneous traffic options.
The financing from EIB will aid the funding of the construction and operation of Corridor 1 (North-South)-Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and Corridor 2 (West-East)-Vanaz (Kothrud) to Ramvadi, a total of around 31.25 km and related purchase of a related fleet of metro cars. Additionally, the project will serve a large population, consisting of the working class, in providing urban mobility for their livelihood. The Maharashtra Metro Rail Corporation Ltd (MMRCL) also known as Maha Metro, is the implementing agency for this project.
The European Investment Bank is the European Union's (EU) investment bank and is owned by the EU Member States. It is one of the largest supranational lenders in the world.
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