In order to develop an efficient, safe, economic metro system in Pune, the Government of India and European Investment Bank (EIB) on May 7 signed a finance contract for the second tranche of €150 million through a virtual signing ceremony.
The signing ceremony was held in the presence of H.E. Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal and H.E. Werner Hoyer, President EIB. K Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed the loan on behalf of the Government of India and Christian Kettel Thomsen, Vice-President, signed the loan on behalf of EIB.
EIB had nodded to provide a total loan of €600 million to fund the Pune Metro Rail project. The Finance Contract for the first tranche of €200 million was signed between the Centre and EIB on July 22, 2019. The project aims to provide an efficient, safe, economic and pollution-free Mass Rapid Transit System in the densely populated area of Pune city.
The financing from EIB will help to fund 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 and related purchase of a related fleet of metro cars. Further, the project will serve a large population that consists 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.
(With inputs from PIB)