LMRC secures Rs. 3,502-cr for metro project

Ensuring smooth flow of financing for the on-going mega metro project, Lucknow Metro Rail Corporation (LMRC) has managed to secure loan worth Rs 3,502-cr and an agreement to this effect has already been signed between the Centre and international funding agency- European Investment Bank for Lucknow Metro in Brussels recently. The agreement was signed during the recent visit of Prime Minister to Brussels (Belgium) for the 13th India-EU Summit, LMRC managing director Kumar Keshav said, explaining that funding agreement for EIB funding was signed and the funds will be released in two tranches of 200 million Euros and 250 million Euros. On this score, the agreement was signed by EIB's VP, Jonathan Taylor, who is responsible for Asia and Ambassador of India to Belgium, Luxembourg and European Union, H.E. Manjeev Singh Puri, and that the signing of loan agreement will help in faster execution of system works along with the international contracting agencies who are executing contracts of metro coaches, signaling, traction, telecom and allied works. The loan is primarily required for buying 80 metro coaches (rolling stock) for completing 23 kms of North-South metro corridor and Charbagh to Munshipulia metro stretch. The Union ministry released funds towards equity Rs 112.60-cr and subordinate debt for central taxes Rs 28.32-cr to LMRC recently.