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India, EIB ink contract for second tranche of 150 million euros for Pune Metro Rail project European Investment Bank
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India, EIB ink contract for second tranche of 150 million euros for Pune Metro Rail project

India Blooms News Service | @indiablooms | 08 May 2021, 04:18 pm

New Delhi/UNI: The Government of India (GoI) and European Investment Bank (EIB) here on Friday signed the finance contract for second tranche of Euro 150 million for Pune Metro Rail project through a virtual signing ceremony.

The signing ceremony was held in the presence of Francisco Andre, Secretary of State for Foreign Affairs and Cooperation, Portugal and 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 EIB, signed the loan on behalf of EIB, the Ministry of Finance said in a statement.

EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The Finance Contract for first tranche of Euro 200 million was signed between GoI and EIB on July 22, 2019.

The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in the densely populated area of Pune combined with many heterogeneous traffic options.

''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, totaling about 31.25 kilometers (km) and related purchase of a related fleet of metro cars,'' the statement said.

Further, the project is meant to serve an immense population inclusive of working class in providing urban mobility for their livelihood.

The Maharashtra Metro Rail Corporation Ltd (MAHAMETRO) is the implementing agency for this project.