European Investment Bank to invest 650 million euro in Kanpur Metro
The investment is its second-biggest operation outside the European Union till date. The European Investment Bank had earlier sanctioned a 450 million euro loan for the development of Lucknow Metro
August 31, 2020 / 09:08 PM IST
The European Investment Bank (EIB) will invest 650 million euro in Kanpur Metro, its second-biggest operation outside the EU till date.
EIB is the European Union's official bank and the world's largest international public bank.
The investment is its second-biggest operation outside the EU till date. The EIB had earlier sanctioned a 450 million euro loan for the development of Lucknow Metro.
"Kanpur is the fifth metro rail project to receive EIB funds in India and the biggest investment made by the bank outside the EU. The metro will have a positive impact on quality of life and doing business in the city through access to affordable transport, creating new employment and education opportunities. It will be a safe, green and affordable transport alternative for Kanpur and its visitors. We are also glad to see this project is contributing to global climate action while strengthening EU-India relations," said Andrew McDowell, Vice-President, EIB.
The project is expected to boost job creation and bolster the Smart Cities mission.
"Uttar Pradesh Metro Rail Corporation (UPMRC) is extremely thankful to EIB for their continued support for the development of metro rail projects in Uttar Pradesh. Comfortable, fast, safe, energy efficient and affordable public transport systems like metros are needed for cities to become the engines of growth in our country. The faith and whole-hearted support of EIB in funding the Lucknow Metro, a world-class metro system in the capital of Uttar Pradesh ahead of the stipulated time and within the approved cost is a source of pride for all of us," said Kumar Keshav, Managing Director, UPMRC.Follow our coverage of the coronavirus crisis here