Maharashtra Metro Rail Corporation Limited (MAHA-METRO) a 50:50 Joint Venture of Government of India & Government of Maharashtra is currently executing the Pune Metro Project, on 2 corridors I.e. PCMC to Swargate – 11.570 kms, and Vanaz, to Ramwadi – 14.665 kms.
The estimated total project cost of the Pune Metro Project is INR 11,420 crores of which the loan component is INR 5831.5 crores. The loan component is being funded by European Investment Bank (EIB) and AFD.
Maha Metro has already received approval from AFD France & GoI for 245 M Euros loan of which a loan agreement of 185 m Euros has been already been concluded in January 2019. These funds would be utilised to finance system packages i.e. Signalling, OHE, Power supply Telecom etc.
Maha Metro has now received approval from European Investment Bank (EIB) & for loan of total 600 Million Euros of which financial agreement has been signed recently at luxemberg and New delhi for 200 million Euros between European Investment Bank & Government of India (Department of Economic Affairs).
The financial contract was signed on behalf of GoI by Shri. Rajat Kumar Mishra –Joint Secretary DEA & on behalf of European Investment Bank by Mrs. Maria Shaw Barragan – Director & Mr. Roger Stuart Head Division.
The Project’s financial contract would be signed between EIB & Maha Metro in the next few weeks. The funds from EIB would be utilised to finance civil works i.e. Underground Packages, Reach 3 Stations, Depot Works etc.
With this Pune Metro project has achieved financial closure. The work of Pune Metro Project is progressing rapidly with civil works being undertaken in all the Reaches including Underground sections.
With most of the tenders already awarded or in finalisation stage, the physical progress achieved so far is above 32 %, Commenting on the development MD Maha Metro Dr. Brijesh Dixit mentioned development with the project achieving financial closure.
About Maharashtra Metro Rail Corporation Limited (Maha Metro)
MAHA METRO is a Special Purpose Vehicle (SPV) created as a 50:50 joint venture between Government of India (GOI) & Government of Maharashtra (GOM). Maha Metro is currently executing two Metro project in Maharashtra i.e. Nagpur Metro Project and Pune Metro Project. Maha Metro aims to provide a safe, modern, affordable, environment friendly and rapid public transport system to improve the quality of life of Punekars.
About European Investment Bank
European Investment Bank is the lending arm of European Union .They help the economy, create jobs, Promote quality, and improves lives of People in developing countries and European Union. EIB focuses on Innovations & Skills, Small businesses, Infrastructure & Climate & Environment.
Although about 90 percent of projects financed by the EIB are based in EU member countries, the bank does fund projects in about 150 other countries—non-EU South eastern European countries, Mediterranean partner countries, ACP countries, Asian and Latin American countries
The European Investment Bank was founded in Brussels in 1958 when the Treaty of Rome came into force. It relocated to Luxembourg, its current headquarters, in 1968. By 1999, it had more than 1,000 staff members, a figure that had nearly doubled by 2012; when the EIB was founded in 1958.
Source: Pune Metro