NEW DELHI: European Investment Bank (EIB) on Friday committed second tranche of 150 million euros (about Rs 1,335 crore) for Pune Metro Rail project.

The agreement to this effect was signed by K Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India (GoI) and Christian Kettel Thomsen Vice President, EIB, the Finance Ministry said in a statement.

EIB had approved total loan of 600 million euros to fund the Pune Metro Rail project, it said, adding, the finance contract for the first tranche of 200 million euros was signed between GoI and EIB on July 22, 2019.

The project aims to provide efficient, safe, economic and pollution-free Mass Rapid Transit System in densely populated area in the city of Pune served with heterogeneous traffic options, it said.

“The financing from EIB will help to fund construction and operation of Corridor 1 (North-South) – Pimpri Chinchwad Municipal Corporation (PCMC) to Swargate and Corridor 2 (West-East) -Vanaz (Kothrud) to Ramvadi, totaling about 31.25 km and related purchase of a related fleet of metro cars,” it said.

The Maharashtra Metro Rail Corporation Ltd (MAHAMETRO) is the implementing agency for this project.

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