European Investment Bank to give Euro 650 million for Kanpur Metro.

The European Investment Bank (EIB) recently signed a contract for funding of Kanpur’s Metro project for 650 million euros (Rs. 5,552 crore) through a virtual signing ceremony.

The contract will give the loan amount to Uttar Pradesh Metro Rail Corporation (UPMRC) for the construction and execution of Kanpur Metro. The Bank is also expected to appraise the Agra Metro project.

The agreement was signed in a video meeting between Ugo Astuto, ambassador of the European Union to India and Bhutan; EIB vice president Andrew McDowell; C S Mohapatra, additional secretary, department of economic affairs, union finance ministry; and UP Metro Rail Corporation Limited (UPMRC) managing director Kumar Keshav.

“This is a significant step towards a sustained relation between India and the EIB and will certainly help boost large-scale developmental projects,” Mohapatra noted.

McDowell said, “The records created by them both in terms of timely completion within allotted budget and green initiatives of the project definitely gave momentum to the signing of this Financial Contract for the Kanpur Project being executed by UPMRC.”

The Uttar Pradesh government is acquiring land for the Kanpur and Agra metro projects, which will cost at least Rs. 19,000 crore.

BS