The Maharashtra Metro Rail Corporation (Maha-Metro) has inked a loan agreement of ₹1,600 crore (Euro 200m) with European Investment Bank (EIB) for the Mumbai-Pune metro project. Before signing the agreement, a team of EIB officials, led by Andrew McDowell, vice-president, EIB, conducted a site inspection of the metro work progress in the city. The agreement, which was signed by Dr Brijesh Dixit M.D. Maha Metro and Andrew McDowell, Vice President of EIB, in the presence of Uddhav Thackaray, C.M. Maharashtra, is for disbursement of the first tranche of ₹1,600 crore. The 38-km Nagpur Metro Rail Project has over 38 stations. The company, which has subsequently been reconstituted as Maharashtra Metro Rail Corporation, is currently executing the Pune Metro Rail Project, covering a route length of 32.5 km with 30 stations. Estimated project cost is ₹11,420 crore where the total debt funding envisaged for the project is ₹5831 crore. MahaMetro together with the Centre has been able to achieve financial closure of the project by roping in two large bilateral/multilateral agencies; AFD France and European Investment Bank at Luxemburg will also co-finance the project.
📅Published on:
07 February 2020
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