Agra Metro Rail Project: India, European Investment Bank Sign Contract For First Tranche Loan Of 250 Million EurosRepresentative Image

India and the European Investment Bank (EIB) have signed a finance contract for first tranche loan of 250 million euros for Agra Metro Rail Project.

Prime Minister Narendra Modi had inaugurated construction work of Agra Metro project in Uttar Pradesh last year through video conference.

The loan document was signed by 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) on Wednesday (22 December), according to a Finance Ministry release.

EIB had approved a total loan of 450 million euros 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 which will improve mobility and support endeavour for planned urban development in the Taj city.

The financing from EIB will help to fund construction of 29.4 km metro corridor comprising 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.

Union Ministry of Housing and Urban Affairs is the Central government’s line ministry for this Project and Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is the implementing agency, the release said.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement