Loan agreement signed between India and European Investment Bank

Lucknow Metro gets 450 million Euro loan from European Investment Bank

Question: Recently a Loan agreement of 450 million Euros (Rs.3,502 cr) has been signed between India and European Investment Bank (EIB) for which of the following metro project?
(a) Jaipur Metro project
(b) Lucknow Metro project
(c) Nagpur Metro project
(d) Chennai Metro Project
Ans (b)
Related facts:

  • On 30 march 2016 Government of India has signed a Loan agreement of 450 million Euros (Rs.3,502 cr) with European Investment Bank (EIB) for Phase-1A project of Lucknow Metro.
  • The agreement in this regard was signed in Brussels on March 30, 2016 in the presence of Prime Minister Narendra Modi during his visit to the Belgium capital.
  • The loan agreement was signed by the Indian Ambassador to Belgium Manjiv Singh Puri and Vice-President of European Investment Bank Jonathan Taylor.
  • The loan amount will be released in two tranches of 200 million Euros and 250 million Euros.
  • It may be recalled that the 22.878 km long Lucknow Metro Phase-1A project was approved by the Government of India in December, 2015 at a cost of Rs. 6,928 cr on 50 : 50 equity funding by the central and state governments.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=138498