Centre-EIB inks Euro 600-mn Pune metro funding pact

The Central government and European Investment Bank (EIB) has signed the financing contract for the second tranche of Euro 150 million for Pune Metro Rail project in a virtual ceremony. EIB has approved a total loan worth Euro 600 million to fund the Pune Metro Rail project. The financing contract for the first tranche of Euro 200 million was signed between Centre and EIB on 22.7.2019. The project aims to provide an efficient, safe, economic and pollution-free Mass Rapid Transit System in a 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 (North-South) - Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and Corridor 2 (West-East) –Vanaz (Kothrud) to Ramvadi with a total of about 31.25 km and related purchase of a related fleet of metro cars. Further, the project will serve a large number of office goers and provide urban mobility for their livelihood. The Maharashtra Metro Rail Corporation is the implementing agency for the project in question.