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Lucknow Metro Rail, Lucknow Metro Rail Corporation Limited

European Investment Bank to credit €450 million for Lucknow Metro

European Investment Bank to credit €450 million for Lucknow Metro

The European Union, through the European Investment Bank (EIB), will loan India €450 million (around Rs. 3,300 crore) towards building a 23-km long Lucknow Metro rail line and a buying an armada of new prepares. The EIB is the EU’s official bank and the world’s biggest global open bank, and its credit will cover portion of the aggregate undertaking costs for the Lucknow Metro. The principal tranche of €200 million will be marked on Wednesday, amid Prime Minister Narendra Modi’s visit to Brussels, as a component of the thirteenth India E.U. Summit. The remaining tranches will be dispensed throughout the venture. Lucknow’s Metro is relied upon to expand the general population transport mode offer from 10% to 27% in the city of 3 million.

“The loan is important for us since it is the biggest transport credit outside Europe for 10 years, and our first sovereign funding to India,” Richard Willis, a representative for the EIB told The Hindu via telephone. The EIB has financed more than €1.3 billion worth of undertakings in India since 1993.

The EIB is additionally anticipated that would declare the opening of its South Asia office in New Delhi amid Mr. Modi’s visit on Wednesday. The workplace is relied upon to be operational before the year’s over.




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