India, European Investment Bank sign contract for Agra Metro Rail project

India and European Investment Bank (EIB) on Thursday signed a finance contract for the first tranche loan of Euro 250 million for the Agra Metro Rail Project.

Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of Government of India and Edvardas Bumsteinas jointly with Roger Stuart, Head of Divisions on behalf of European Investment Bank (EIB) signed the loan document in New Delhi and in Brussels respectively, said a press release by Ministry of Finance.

Prime Minister Narendra Modi had inaugurated the construction work of the Agra Metro project in Agra, Uttar Pradesh, last year through a video conference, added the press release.

EIB had approved a total loan of Euro 450 million to fund the Agra Metro Rail Project. The project aims to provide a 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, according to the statement.

The financing from EIB will help to fund the construction of a 29.4 km metro corridor comprised 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 the economic productivity of the city and catalyse job creation, as per the statement.

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.