European Investment Bank Signs Finance Contract For Kanpur Metro In Virtual Signing Ceremony
Igor Mojzes

European Investment Bank Signs Finance Contract For Kanpur Metro In Virtual Signing Ceremony

LUCKNOW || The European Investment Bank (EIB) on Monday signed a finance contract for the funding of Kanpur Metro Project for Euro 650 million (INR 5551.99 Crore) through a virtual signing ceremony, owing to the ongoing Coronavirus pandemic, an official said.

The agreement was signed in the virtual presence of Ambassador of the European Union to India and Bhutan Ugo Astuto, Vice President of EIB Andrew McDowell, CS Mohapatra, Additional Secretary, Department of Economic Affairs, Ministry of Finance (GOI) and Managing Director UP Metro Rail Corporation Limited 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 Mohapatra who said, “This is indeed a significant step towards a sustained relation between India and the EIB and will certainly help boost large scale developmental projects in the country.”

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.

European Investment Bank Signs Finance Contract For Kanpur Metro In Virtual Signing Ceremony

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. EIB shall be taking appraisal for the Agra Metro Project also in near future.

Vice President of EIB Andrew McDowell in his remarks said, “The exemplary work of UPMRC team in the execution of the Lucknow Metro Project 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 Kumar Keshav Managing Director of Uttar Pradesh Metro Rail Corporation said, “UPMRC is extremely thankful to European Investment Bank for their continued support in 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."

After the inauguration of the civil construction work of the Kanpur Metro project by Uttar Pradesh chief minister Yogi Adityanath on November 15, 2019, UPMRC is executing the Kanpur Metro project with remarkable pace.

Even during the post lock down period, strategic execution of the UPMRC’s engineers 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 has commenced the erection of the U-girders.

Besides, 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.

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