In its biggest investment ever made outside the EU, the European Investment Bank (EIB) will lend €650m to fund a metro line in the city of Kanpur in the northern Indian state of Uttar Pradesh.
The city’s first metro line will be 32.4km long, connecting 18 elevated and 12 underground stations.
The EIB estimates that the project will create 1,100 jobs and provide 116 million journeys a year.
The bank states that the metro will increase safety for commuters, especially for female passengers.
Andrew McDowell, the EIB’s vice-president, 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.”
The EIB has previously funded a metro system in Lucknow, also in Uttar Pradesh.
(Global Construction Review)
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Great news that a city Like Kanpur will have a metro thanks to the loan
Modiji’s efforts to reach out to EU and other world leaders has paid its dividends as after all it’s the economic strides which level out societal differences