EIB sanctions €150 million loan for Pune metro rail network
1 min read . Updated: 09 Feb 2023, 03:35 PM IST
PremiumThe EIB’s total financing of €500 million backs 31.25 km of metro construction with 30 stations to benefit 159 million passengers per year.
New Delhi: The European Investment Bank on Thursday confirmed a €150 million 20-year loan to support construction of Pune city`s metro rail. This will improve travel for more than three million people living in the city of Pune.
The Maharashtra Metro Rail Corporation is the implementing agency for this project. This will make travel easy for more than three million people living in Pune.
“The EIB’s total financing of €500 million backs 31.25 km of metro construction with 30 stations to benefit 159 million passengers per year. It will shorten travel time, create affordable and accessible transport for all, improve the quality of life and doing business, and reduce greenhouse gas emissions in the city. A set of targeted measures will improve safety of woman travelers," said a media release.
Once completed in 2023, the Pune metro will create at least 900 new jobs. The project is co-financed together with Agence Française de Développement (AFD).
This project, supporting sustainable transport and climate action, forms part of the EU’s Global Gateway Initiative in support of projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors.
“The EIB backed Pune metro rail will facilitate, once completed, travel by more than 3 million people living in the city of Pune. Sustainable transport investment supported by a total EUR 500 million loan enables more accessible and affordable access to workplaces, healthcare, education and markets, while protecting the environment and improving the quality of air in the city,“ said Kris Peeters, Vice President, European Investment Bank.
“Sustainable mobility and green transition is a key pillar of EU-India strategic partnership. The investment by EIB in the Indian Metro system demonstrates our commitment towards modern, clean and green public transport. The Pune project helps to bring safe, efficient and sustainable public transport to its citizens, in line with the objectives set for Team Europe by the EU Global Gateway initiative," said Ugo Astuto, EU Ambassador to India.
Pune Metro Rail project will help achieve a number of Sustainable Development Goals, including climate action, sustainable cities, and gender equality.
The EIB support for transport in India includes EIB backing for metro investment in Agra, Bengaluru, Bhopal, Kanpur and Lucknow, with a total of €2.45 billion committed since 2016, making India the largest beneficiary of EIB transport financing outside Europe.
