The Government of India (GoI) and European Investment Bank (EIB) on Friday signed the finance contract for second tranche of Euro 150 million for Pune Metro Rail project through a virtual signing ceremony.
EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The Finance Contract for first tranche of Euro 200 million was signed between GoI and EIB on 22.7.2019. The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in 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, totaling about 31.25 kilometers (km) and related purchase of a related fleet of metro cars.
Further, the project will serve a large population which consists of working class and provide urban mobility for their livelihood. The Maharashtra Metro Rail Corporation Ltd. (MAHAMETRO) is the implementing agency for this project.