The Maha-Metro has selected these two financial agencies for funding the Pune metro project.(HT PHOTO)
The Maha-Metro has selected these two financial agencies for funding the Pune metro project.(HT PHOTO)

Maha-Metro to sign loan agreement with European Investment Bank for Pune Metro on Jan 31

A team of EIB officials, led by Andrew McDowell, vice-president, EIB, even conducted a site inspection of the metro work progress in the city
Hindustan Times, Pune | By HT Correspondent
UPDATED ON JAN 31, 2020 04:27 PM IST

The Maharashtra Metro Rail Corporation (Maha-Metro) and European Investment Bank (EIB) will sign ana loan agreement of Rs 1,600 crore on Friday at Mumbai for the Pune metro project.

A team of EIB officials, led by Andrew McDowell, vice-president, EIB, even conducted a site inspection of the metro work progress in the city on Thursday.

“We will sign the agreement on Friday (January 31) in Mumbai,” said Maha-Metro’s managing director Brijesh Dixit.

Atul Gadgil, director of Maha-Metro, said that the funds released by EIB would be mainly used for underground metro corridor work which is between Agricultural College and Swargate. Maha-Metro has already taken a loan (€245m) from AFD France for the Pune metro project on January 28, 2019.

The Maha-Metro has selected these two financial agencies for funding the Pune metro project. The total project cost of the Pune metro is Rs 11,420 crore. The metro work is in progress and the metro corridors have been divided into four ridges. The civil work on all the four ridges have been completed up to 37 per cent.

EIB officials expressed satisfaction with the metro work progress, when they visited the metro site in reach 3 at Ramwadi station and underground tunnel boring work at Agriculture College grounds, according to Maha-Metro officials.

The EIB team enquired about the relief and rehabilitation work and the compensation provided by the authorities, where they have acquired land and about the fair compensation given to the land owners. Maha-Metro officials informed the EIB team members that all land parcels were taken with direct purchase and compensation given as per relief and rehabilitation policy of the government of Maharashtra.

Maha-Metro officials also said that more than 1,400 trees have been transplanted and 14,000 news trees have been planted at different locations in Pune by them. They added that the survival rate of the transplanted trees is very high.

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