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Mon February 17 2020

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Europe finances Indian metro project

4 Feb The European Investment Bank (EIB) has agreed to provide financing of €600m (£508m) to support a major rail expansion in Pune, India.

The first tranche worth €200m will finance construction of two new lines of city metro rail, 30 stations and purchase of 102 new rail cars. Pune metro will have 31km of new tracks, both over- and underground.

It is the fourth EIB investment in metro rail systems in India; to date the EU’s bank has supported metro rail systems in Bhopal, Bangalore and Lucknow. With the Pune investment, the total amount of the EIB-approved support for metro rail systems in India has reached €2bn.

Andrew McDowell, vice president of the European Investment Bank, said: “Pune metro rail will improve the living conditions of three million people in Pune. It will enable more accessible and affordable access to workplaces, healthcare, education and markets, while protecting the environment and improving the quality of air in the city. This is a good example of how international cooperation and local know-how can make tangible improvement for people and businesses alike, and at the same time contribute to climate action and protection of the environment. I am very proud to see cooperation between Europe and India growing through projects like this.”

Ugo Astuto, the EU Ambassador to India, said: “The fight against the climate change is a common priority for both the European Union and India. We have been partnering with India on its sustainable urbanisation agenda including development of world-class transport across cities. This agreement further demonstrates the close cooperation between the EU and India in financing related projects.”

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