The Government of India and European Investment Bank signed a Finance Contract on Wednesday for the first tranche loan of Euro 250 million out of the total 450 million to fund the Agra Metro Rail Project.
‘The document has been signed in Delhi and Brussels by Mr. Edvardas Bumsteinas jointly with Mr. Roger Stuart, Head of Divisions representing European Investment Bank, and Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance representing the Government of India,” as per reports.
The Agra rail project aims to provide a safe, reliable, affordable, and environment-friendly public Mass Rapid Transit System for Agra city in order to improve mobility and for aid in the planned urban development in Agra apart from providing economic productivity as well as job creation.
The financing from EIB will be used to fund the construction of a 29.4 km metro corridor that comprises Corridor-1 from Sikandara to Taj East Gate and Corridor-2 from Agra Cantt to Kalindi Vihar in Agra City. The line ministry for this project is the Ministry of Housing and Urban Affairs while the implementing agency is Uttar Pradesh Metro Rail Corporation Ltd.
