The Pune Metro Rail project, which had received an approval for a total loan of €600 million from the European Investment Bank (EIB), will receive the second tranche of €150 million after a finance contract was signed on Friday between the representatives of the Government of Indian and the EIB.
The finance contract for the first tranche of €200 million was signed on August 22, 2019.
The financing from EIB will help to fund construction and operation of two corridors totalling about 31.25 km and related purchase of a fleet of metro cars. Corridor 1 (North-South) is being built between Pimpri Chinchwad Municipal Corporation (PCMC) and Swargate, while Corridor 2 (West-East) is between Vanaz (Kothrud) to Ramvadi.
The Pune Metro Rail project aims to serve a large population in providing urban mobility for their livelihood, and provide efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated area in Pune. The Maharashtra Metro Rail Corporation (MAHAMETRO) is the implementing agency for this project.
The finance contract was signed by K Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance on behalf of GoI and Christian Kettel Thomsen, Vice-President, EIB in the presence of Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal and Werner Hoyer, President, EIB.