The European Investment Bank (EIB) and the Indian government on Friday signed an MoU for second tranche of Euro 150 million for Pune Metro Rail project. EIB had approved the total loan of Euro 600 million to fund the Pune Metro Rail project. The contract for first tranche of Euro 200 million was signed on July 22, 2019.

The signing ceremony was held in the presence of Portugal's Secretary of State for Foreign Affairs and Cooperation, Francisco Andre, and EIB President Werner Hoyer, with Additional Secretary, Economic Affairs, K. Rajaraman, signing the loan on behalf of India, and EIB Vice President Christian Kettel Thomsen, on behalf of the EIB.

The European Investment Bank had approved the total loan of 600 million euros to fund the Pune Metro Rail project. The finance contract for first tranche of 200 million euros was signed on July 22, 2019.

The project intents to officer an efficient, safe, economic and pollution-free Mass Rapid Transit System in the densely-populated area in the city of Pune served with heterogeneous traffic options.

The financing will also help to fund construction and operation of Corridor 1 (North-South) - Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate, and Corridor 2 (West-East) -Vanaz to Ramvadi, totalling 31.25 km and related purchase of a fleet of metro cars.

In addition, the project will serve a large population consisting of working-class in providing urban mobility for their livelihood. The Maharashtra Metro Rail Corporation Ltd is the implementing agency for this project.

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