European investment bank signed a finance contract for Kanpur Metro in a virtual signing ceremony ...
Kanpur Metro's signs a Rupee 5551.99 crore deal with European Investment Bank

Kanpur:  Ongoing Kanpur Metro Project has kept on adding major achievements to Uttar Pradesh Metro Rail Corporation's Kanpur project. European Investment Bank (EIB) has signed a finance contract for the funding of Kanpur Metro Project a August end for Euro 650million that is INR 5551.99 crores through a Virtual Signing Ceremony. The agreement was signed in the virtual presence of Ambassador of the European Union to India and Bhutan Mr Ugo Astuto, Vice President of EIB Mr Andrew McDowell,Dr. C.S. Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance (GOI) and Managing Director UP Metro Rail CorporationLimited Mr. Kumar Keshav along with Director Finance UPMRC and other delegates from EIB, Ministry of Finance and European Union.

The Signing Ceremony began with the opening remarks by Dr. C.S. Mohapatra. She said, “This is indeed a significant step towards a sustained relationship between India and the EIB and will certainly help boost large scale developmental projects in the country.”The signing of the Finance Contract has paved way for the sanctioning of loan amount to UPMRC for the construction and execution of Kanpur Metro Project. EIBalso is expected to be taking appraisal for the Agra Metro Project in near future.

Vice President of EIB Mr. Andrew McDowell in his remarks said, “The exemplary work of UPMRC team in the execution of the Lucknow MetroProject and the records created by them both in terms of timely completion within allotted budget and green initiatives of the project definitely gave momentum to the signing of this Financial Contract for the Kanpur Project being executed by UPMRC."

Expressing delight over the agreement and the Finance Contract signed, Mr. Kumar Keshav Managing Director of Uttar Pradesh Metro RailCorporation said that UPMRC is extremely thankful to European Investment Bank for their continued support in the development of Metro Rail projects in the State of Uttar Pradesh. Comfortable, fast, safe, energy-efficient and affordable public transport systems like Metro are needed for cities to become the engines of growth in our Country.

He said, "Faith and whole-hearted support of EIB in funding Lucknow Metro, a world-class Metro system in the capital city of Uttar Pradesh ahead of stipulated time and within the approved cost is a pride for all of us. On behalf of the UPMRC team, I again assure that fulfilling the trust shown by EIB in funding the Kanpur Metro project will be our highest priority in delivering this prestigious project in time which will further accelerate long term economic and social development of the city.”

The inauguration of the civil construction work of the Kanpur Metro project was done by Hon’ble CM of Uttar Pradesh, Shri Yogi Adityanath along with Shri Hardeep Singh Puri, Union Minister for Housing & Urban Affairs on November 15, 2019. The project had been going on since then at a remarkable pace. Even during the post lockdown period, the strategic execution of the UPMRC’sengineers resulted in maintaining the workforce and keeping up the pace of the civil construction of the 9KMs lon Priority Corridor (IIT to Motijheel), while implementing all the guidelines issued by the governments. Recently UPMRC commenced the erection of the U-girders in the esteemed presence of Chief Secretary, GoUP. Besides, the Kanpur Metro project has become the first metro project in India where the pre-casted double T-girders are being used for constructing the concourse level of the Metro stations and such innovations are paying quite well in speeding up the project.