Date of Post: 29 Jan,
The Department of Economic Affairs (DEA) and the French Development Agency, AFD on monday signed a Credit Facility Framework agreement for extending bilateral funding to the tune of 245 million Euros to fund Pune Metro Project. Maharashtra Metro Rail Corporation Ltd (MAHA-METRO) an equal partnership joint venture of GoI and Maharashtra Government is presently executing the Pune Metro Project.
MoU of Rs 2000 Cr has been signed between @AFD_France and #MahaMetro IN New Delhi today. Ambassador of France in India Alexander Ziegler & Addl.Secy Dept of External Affairs Shri C.S.Mahapatra signed the MoU. Managing Director of Maha Metro Dr. Brijesh Dixit were also present pic.twitter.com/LgOAmEE1OH
— MAHA INFO CENTRE (@micnewdelhi) January 28, 2019
- The total estimated cost of the project is Rs. 11,420 crores of which the loan component is Rs.5831.5 crores.
- The loan component is to be funded by European Investment Bank EIB and AFD.
- The current credit facility signed between DEA and AFD France would be to extend bilateral funding to the tune of approx. 245 million Euros to fund the Pune Metro Project.
- Pune Metro is the 2nd Metro project after Nagpur Metro to be financed by AFD under the Indo French partnership for clean, socially inclusive and climate-friendly mobility for people in cities.
- The funds to be received from AFD will be used primarily to fund system packages e.g. OHE, Power supply, Signalling, Telecom and some civil packages.
- The physical progress of the project is in excess of 27 percent.
- The agreements were signed by C.S.Mohapatra, Additional Secretary Department of Economic Affairs, and Clemence Vidal de la Blache, Deputy Director for AFD in India, in the presence of the Ambassador of France to India, H.E. Mr Alexandre Ziegler.
- The signing ceremony was also attended by Joint Secretary, Ministry of Housing and Urban Affairs, Mukund Kumar Sinha, S. Sivamathan, Director Finance, MAHA-METRO, Brijesh Dixit, Managing Director, MAHA-METRO and Ramnath Subramaniam, Executive Director (Strategic Planning), MAHA-METRO.
- Prime Minister Narendra Modi had laid the foundation stone for the phase-3 of the Pune Metro, on December 18 last year.
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