European Investment Bank to give Euro 650 million for Kanpur Metro

Agreement is step towards 'sustained relation' with European institute, says Indian government

The European Investment Bank (EIB) on Monday signed a contract for funding of Kanpur’s Metro project for 650 million euros (Rs 5,552 crore) through a virtual signing ceremony.

The contract will give the loan amount to Uttar Pradesh Metro Rail Corporation (UPMRC) for the construction and execution of Kanpur Metro. The Bank is also expected to appraise the Agra Metro project.

The agreement was signed in a video meeting between Ugo Astuto, ambassador of the European Union to India and Bhutan; EIB vice president Andrew McDowell; C S Mohapatra, additional secretary, department of economic affairs, union finance ministry; and UP Metro Rail