EIB inks Euro 250 Mn Agra Metro funding pact

The Union government and European Investment Bank (EIB) have signed a Finance Contract for the first tranche loan of Euro 250 million for the Agra Metro Rail Project. Additional Secretary, Department of Economic Affairs, Ministry of Finance, Rajat Kumar Mishra was the signatory on behalf of the Government while Edvardas Bumsteinas jointly with Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed the loan documents in Brussels. The EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project, which will provide safe, reliable, affordable, and environment-friendly public Mass Rapid Transit System for the Agra city and thereby improve mobility and support endeavors for planned urban development in Agra. The financing from EIB will help to fund construction of a 29.4 km metro corridor comprising Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in Agra City. Further, the project will enhance economic productivity of the city and catalyze job generation.