Government of India & European Investment Bank sign finance contract for first tranche loan of Euro 250 million for Agra Metro Rail project

Hon’ble Prime Minister Shri Narendra Modi had inaugurated construction work of Agra Metro project in Agra last year

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

Hon’ble Prime Minister Shri Narendra Modi had inaugurated construction work of Agra Metro project in Agra, Uttar Pradesh, last year through video conference.

EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project.  The project aims to provide safe, reliable, affordable and environment friendly public Mass Rapid Transit System for Agra city which will improve mobility and support endeavour for planned urban development in Agra. The financing from EIB will help to fund construction of 29.4 km metro corridor comprises of Corridor-1 from Sikandara to Taj East Gate (14 km) and Corridor-2 from Agra Cantt to Kalindi Vihar (15.4 km) in the Agra City. Further, the project will enhance economic productivity of the city and catalyse job creation.

Ministry of Housing and Urban Affairs is the Government of India’s line ministry for this Project and Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is the implementing agency.

Loan financing secured for Agra Metro provides funding for construction of metro corridors and urban transit improvement. A Finance Contract was executed between the Government of India and the European Investment Bank providing the first tranche of loan funding under an approved loan package to support construction of the Agra Metro Rail Project. The financing will fund construction of a 29.4 km metro corridor comprising Corridor 1 (Sikandara to Taj East Gate) and Corridor 2 (Agra Cantt to Kalindi Vihar). The Ministry of Housing and Urban Affairs is the line ministry and Uttar Pradesh Metro Rail Corporation Ltd. is the implementing agency.