Monday, October 3, 2022

Pune Metro Rail Project: Govt, EIB sign contract for 2nd tranche of Euro 150 million

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New Delhi: The government of India and the European Investment Bank (EIB) have signed the finance contract for the second tranche of Euro 150 million for Pune Metro Rail project through a virtual signing ceremony on Friday. The EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The finance contract for the first tranche of Euro 200 million was signed between the Government of India and EIB on July 22, 2019. The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated area in the city of Pune served with heterogeneous traffic options.

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The financing from EIB will help to fund 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, totalling about 31.25 kilometres (km) and related purchase of a related fleet of metro cars. Further, 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 (MAHAMETRO) is the implementing agency for this project.

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