Team News Riveting
New Delhi, December 23
The Government of India (GoI) and European Investment Bank (EIB) yesterday signed a Finance Contract for first tranche loan of Euro 250 million for Agra Metro Rail Project.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of Government of India and Edvardas Bumsteinas jointly with Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed the loan document in New Delhi and in Brussels respectively.
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.
