EIB to invest up to 3 billion Euros in Uttar Pradesh & its upcoming metro projects; services to expand in 6 more cities

The European Investment Bank is keen to extend its association with the Uttar Pradesh Metro Rail Corporation (UPMRC). The move comes at a time when the state is organizing Global Investors Summit (GIS) at Lucknow.

On Saturday, a six-member delegation team of the EIB headed by vice president Kris Peeters met Chief Minister Yogi Adityanath at his residence. The delegation expressed satisfaction and promised to invest further in the upcoming projects.

“We are happy to see the commitment of UPMRC towards providing world-class infrastructure and environment-friendly transport system to the people of Uttar Pradesh. We will keep supporting UPMRC in further proposed projects on the aspect of finance,” Peeters said.

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Financial assistance

The lending arm of the European Union (EU) is likely to increase the investment from the existing 1.5 billion Euro to 3 billion Euro. It is providing financial assistance to three metro projects in the state – Lucknow Metro Project, Kanpur Metro Project, and Agra Metro Project.

Lucknow Metro Project

The EIB has provided a loan of Rs 3,502 crore (Euro 450 million) to the Lucknow Metro Project.

Kanpur Metro Project

For Kanpur Metro Project, the EIB will provide financial assistance of Rs 5,551.99 crore (Euro 650 million). It has disbursed 200 million Euro in December 2022 to Govt of India for the project.

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Agra Metro Project

For Agra Metro Project, the EIB will provide a loan of 450 million euros.

Later in the day, the team visited the pavilion stall of UPMRC at GIS in Vrindavan Yojna. UP Metro Rail Corporation MD Sushil Kumar briefed the team on the work status of the Agra and Kanpur Metro rail projects. The team also undertakes a metro ride from Hazratganj to Transport Nagar Metro station.

Expansion

The Uttar Pradesh Metro Rail Corporation has planned to expand the services in six more cities: Gorakhpur, Pryagraj, Varanasi, Jhansi, Bareilly, and Meerut.