GOI & European Invt. Bank sign finance contract for first tranche loan of Euro 250 million for Agra Metro

The Government of India (GoI) and the European Investment Bank (EIB) inked a finance contract for the Agra Metro Rail Project’s first tranche loan of Euro 250 million yesterday. On behalf of the Government of India, Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Mr. Edvardas Bumsteinas, Head of Divisions, on behalf of the European Investment Bank (EIB), signed the loan document in New Delhi and Brussels, respectively.

The EIB approved a 450 million Euro loan to fund the Agra Metro Rail Project. The project’s goal is to provide Agra with a safe, dependable, cheap, and environmentally friendly public Mass Rapid Transit system that will improve mobility and assist the city’s planned urban growth efforts. The EIB loan would assist fund the building of a 29.4 km metro corridor in Agra City, which includes Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km). Furthermore, the initiative will boost the city’s economic productivity and stimulate employment development.

The line ministry for this project is the Ministry of Housing and Urban Affairs, and the implementing agency is the Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL).