Pune Metro: European Investment Bank Sanctions Second Tranche Of Rs 1,335 Crore

The European Investment Bank (EIB) has committed a second portion of Rs 1,335 crore for Pune Metro Rail Project, Economic Times reports.

This funding from the EIB will be used for the construction and operational purposes of the Corridor 1 (North-South)-Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and also Corridor 2 (West-East)-Vanaz (Kothrud) to Ramvadi. It will also be used to procure metro coaches.

The entire route is 31.25 km long.

The Pune Metro Rail Project seeks to roll out an economic, safe, efficient and pollution-free mass rapid transit system to the city which currently has only heterogeneous traffic options. The Maharashtra Metro Rail Corporation Ltd (MAHAMETRO) is the concerned implementing agency for the project.

The EIB has in total sanctioned 600 million euros, amounting to around Rs 5,340 crore, for this initiative.

The government of India had signed the finance contract with the EIB for the first tranche of 200 million euros on 22 July 2019.