In a significant boost to sustainable urban development and cultural heritage preservation, the European Investment Bank (EIB) has pledged a substantial €450 million loan towards the Agra Metro Project. This financial commitment marks a major step forward in addressing urban congestion, air and noise pollution, and ensuring safer public transportation, particularly for women and girls, in the historic city of Agra, Uttar Pradesh.
Project Overview:
Enhancing Urban Mobility: The Agra Metro project encompasses the construction of two interconnected urban metro rail lines, spanning 30 kilometres and featuring 27 stations, aimed at addressing congestion and pollution while offering an affordable transportation solution.
Cultural Heritage Preservation: Special care has been taken to protect Agra’s UNESCO World Heritage Sites, such as the Taj Mahal and Agra Fort, with metro stations near these landmarks designed to be underground to maintain the sites’ integrity.
Background information:
- EIB, owned by EU Member States, funds sound investments to support EU policy goals, offering expertise, competitive loans, and grants.
- EIB Global, created in 2022, financed €8.4 billion outside the EU in 2023, with over €5 billion in India since 1993 for various projects.
Image Credit: EIB
- Focuses on climate action, gender equality, and economic development in Asia, enhancing lives with projects like metro lines and cleaner energy.
- Acts as a key partner in the EU’s Global Gateway initiative, aiming to invest €100 billion by 2027 to improve global connectivity across multiple sectors.
EIB Vice-President Nicola Beer highlighted the bank’s financing of the Agra metro as part of a €3 billion investment in India’s transport projects since 2016, aimed at reducing congestion and pollution, and enhancing accessibility and safety, especially for women and girls, making India the top recipient of EIB transport finance outside Europe.
Stakeholder Insights:
Sushil Kumar, Managing Director of Uttar Pradesh Metro Rail Corporation, expressed gratitude for the EIB’s ongoing support, underscoring the project’s potential to significantly enhance quality of life through improved connectivity and air quality.
EU Ambassador to India and Bhutan Hervé Delphin said: “Agra’s new metro will provide a sustainable, energy-clean and safe transport option for the people of the city and the many tourists visiting its unique cultural heritage. Metros are a good example of European Union-India cooperation in action bringing tangible benefits for people, the climate and the local economy.”
Global Impact and Sustainability:
- EIB Global and the Global Gateway Initiative: The Agra Metro supports the EU’s Global Gateway initiative, aiming to improve connectivity in various sectors worldwide. EIB Global, created in 2022, plays a crucial role in financing projects that deliver social, economic, and environmental benefits.
- Long-term Environmental and Cultural Benefits: Beyond immediate transportation improvements, the project is poised to protect Agra’s cultural heritage and contribute to global climate action efforts.
Conclusion
The EIB’s significant investment in the Agra Metro Project is a testament to the potential of sustainable urban transport solutions to transform cities. By improving accessibility, reducing pollution, and preserving cultural landmarks, this project sets a precedent for future urban development initiatives worldwide.
Source: EIB – Press Release | Featured Image Credit (representational): UPMRC
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