India, EIB sign finance contract for second tranche of 150 mn Euro for Pune Metro Rail

The Government of India and European Investment Bank (EIB)  yesterday signed the finance contract for second tranche of 150 million Euro for Pune Metro Rail project through a virtual signing ceremony. Additional Secretary in the Ministry of Finance, K. Rajaraman signed the loan on behalf of Government of India and Mr. Christian Kettel Thomsen, Vice-President, signed the loan on behalf of EIB.

 

The Ministry of Finance in a statement said, 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.

The financing from EIB will help to fund construction and operation of Corridor 1- Pimpri Chinchwad Municipal Corporation  to Swargate and Corridor 2 -Vanaz to Ramvadi, totaling about 31.25 kilometer and purchase of a related fleet of metro cars. Further, the project will serve large population which consisting working class in providing urban mobility for their livelihood. The Maharashtra Metro Rail Corporation Ltd is the implementing agency for this project