Funding for the expansion of the Pune Metro gets approved

The European Investment Bank (EIB) has given Maharashtra Metro Rail Corporation (Maha Metro) an in-principle approval for funding the extension of the Pune Metro project. The EIB had showed interest in funding the two expansion projects and would be providing roughly 60% of the project cost. An estimated Rs 45.11 billion will be needed to complete the Pune Metro Phase I project's extension. The governments of India and Maharashtra share ownership of the corporation Maha Metro 50:50. 10% of the project's finance will come from the federal government, 15% from the state, and the other 60% from the civic organisations in Pune and Pimpri Chinchwad. While the PCMC-Nigdi extension line will cost Rs 9.11 billion, the 5.464-km Swargate-Katraj line will cost Rs 36 bn. The Maharashtra state government has authorised the comprehensive project report for the 9.77-km extension of Phase 1 of the Pune Metro, and the Centre is still required to give final clearance. The first phase of the 33.2 km long, Rs 114.2 bn Pune Metro was partially funded by loans of Rs 58 bn from the EIB and France's AFD (Agence Française de Développement). Also read: Pune Metro Line 3 to be operational by March 2025 Kochi Metro Rail to prepare DPR for Light Metro projects