Agra Metro Rail Project Agra Metro Rail: Indian govt and European Investment Bank sign deal for first tranche loan of Euro 250 million
New Delhi/IBNS: The Indian government and European Investment Bank (EIB) have signed a finance contract for first tranche loan of Euro 250 million for Agra Metro Rail Project, inauguarted by Prime Minister Narendra Modi last year through video conferencing.
Rajat Kumar Mishra, Additional Secretary of Department of Economic Affairs signed the loan document in India while Edvardas Bumsteinas jointly with Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed in Brussels. The documents were signed on Wednesday.
EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.
The project aims to provide safe, reliable, affordable and environment friendly public Mass Rapid Transit System for Agra city which will improve mobility and support endeavour for planned urban development in Agra.
The financing from EIB will help to fund construction of 29.4 km metro corridor comprises of Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in the Agra City. Further, the project will enhance economic productivity of the city and catalyse job creation.
Ministry of Housing and Urban Affairs is the Government of India’s line ministry for this Project and Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is the implementing agency.
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