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Wed July 24 2024

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Europe invests €650m in Indian metro

2 Sep 20 The European Investment Bank (EIB) is to invest €650m (£580m) in the construction of a rail service for the city of Kanpur in India.

The money will be used to finance the development of a 32.4km metro line with 18 elevated and 12 underground stations, as well as to acquire rolling stock.

Kanpur’s first city metro line will reduce commuting hours and unlock new employment and education opportunities in Kanpur, the industrial capital of Uttar Pradesh. It is second metro rail project supported by the EIB in Uttar Pradesh, following a €450m investment in the development of a system in the city of Lucknow.

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Andrew McDowell, vice-president of the European Investment Bank, said: “Kanpur is the fifth metro rail project to receive EIB funds in India and the biggest investment made by the bank outside the EU. The metro will have a positive impact on quality of life and doing business in the city through access to affordable transport, creating new employment and education opportunities. It will be a safe, green and affordable transport alternative for Kanpur and its visitors. We are also glad to see this project is contributing to global climate action while strengthening EU-India relations.”

Kumar Keshav, managing director of Uttar Pradesh Metro Rail Corporation (UPMRC), said: “UPMRC is extremely thankful to European Investment Bank for their continued support for the development of metro rail projects in the state of Uttar Pradesh. Comfortable, fast, safe, energy efficient and affordable public transport systems like metros are needed for cities to become the engines of growth in our country. The faith and whole-hearted support of the EIB in funding the Lucknow metro, a world-class metro system in the capital city of Uttar Pradesh ahead of the stipulated time and within the approved cost is a source of pride for all of us. On behalf of the UPMRC team, I again assure you that fulfilling the trust shown by the EIB in funding the Kanpur metro project will be our highest priority in delivering this prestigious project on time, which will further accelerate the long-term economic and social development of the city.”

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