The Government of India (GoI) and European Investment Bank (EIB) on 22.12.2021 signed a Finance Contract for the first tranche loan of Euro 250 million for Agra Metro Rail Project.
- Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of Government of India and Mr. Edvardas Bumsteinas jointly with Mr. Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed the loan document in New Delhi and in Brussels respectively.
- Hon’ble Prime Minister Shri Narendra Modi had inaugurated construction work of Agra Metro project in Agra, Uttar Pradesh, last year through video conference.
- EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.
- The project aims to provide safe, reliable, affordable and environment friendly public Mass Rapid Transit System for Agra city which will improve mobility and support endeavour for planned urban development in Agra.
- The financing from EIB will help to fund construction of 29.4 km metro corridor comprises of Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in the Agra City.
- Further, the project will enhance economic productivity of the city and catalyse job creation.
- Ministry of Housing and Urban Affairs is the Government of India’s line ministry for this Project and Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is the implementing agency.
About Agra Metro Project:
- The Agra Metro project comprises 2 corridors with a total length of 29.4 km and connects major tourist attractions like Taj Mahal, Agra Fort, Sikandra with railway stations and bus stands.
- The project will benefit the 26 lakh population of the city of Agra and will also cater to more than 60 lakh tourists who visit Agra every year.
- It will provide an environment-friendly Mass Rapid Transit System to the historic city of Agra.
- The estimated cost of the project will be Rs 8,379.62 cr which will be completed in 5 years.
Source: PIB-Press Release | Image Credit (representational): UPMRC
