EIB fires Rs.1,752-cr in metro project

    European Investment Bank
    In a recently signed agreement between Central government and European Investment Bank (EIB), the latter has agreed to fund 250 million Euros amounting (Rs 1,752 crore) to Lucknow Metro as second tranche of the loan. Earlier in March 2016, a loan agreement for 450 Million Euros (Rs.3,502 crore) was signed between the Central government and EIB in Brussels during the visit of PM to Belgium. The funds were supposed to be released by EIB in two tranches of 200 million Euros and 250 million Euros, respectively. The first tranche of 200 million Euros had already been received by Lucknow Metro Rail Corporation (LMRC). Now, the remaining portion of the agreed loan amount would flow into the project, which is in the last leg of conducting trail runs. Earlier, EIB vice president, Andrew Denis McDowell accompanied by six bank officials, had visited Lucknow Metro project sites to review the progress before advancing the line of credit. It may be recalled that on March 30, the Research Designs & Standards Organization (RDSO) had certified Lucknow Metro trains for safe running upto 80 km/h based on the successful completion of Oscillation Trials,Senior PRO, LMRC, Amit Kumar Srivastava said, adding that the certificate had been issued in record time of 20 days by RDSO to Lucknow Metro as compared to 2-3 month time normally taken in other cases.
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