European Bank injects €650-mn in Kanpur Metro

The European Investment Bank (EIB) has sanctioned funds of worth €650 million for the Kanpur Metro rail project after detailed assessment of the project. The Central government has asked for a loan from EIB for the cost of the Kanpur Metro Project and it proposes to apply part of the proceeds to fund the civil works, goods related services and consulting services for the project, which would be jointly financed by the EIB and the Central and UP state government. This project contributes to the 2 major objectives of the EIB External Mandate: (i) climate change itigation by promoting a modal shift from road to the rail where decreasing greenhouse gas emissions, and (ii) to social and economic infrastructure development by financing the urban development. The project is a part of the series of the EU Country Strategy Paper for India that highlights the infrastructure gap and rising greenhouse gas emissions, the European Investment Bank said in an official statement.