The Government of India has signed a finance pact with European Investment Bank (EIB) for first tranche loan of $283.35m (€250m) for Agra Metro Rail Project in the state of Uttar Pradesh.
Earlier, EIB sanctioned a total loan of $510.02m (€450m) to finance the metro project.
Last December, the initial construction phase of the Agra Metro project was virtually inaugurated by Prime Minister Narendra Modi.
Agra Metro project will feature two corridors, with a total length of 29.4km.
The metro rail will link major tourist attractions such as Taj Mahal, Sikandra, Agra Fort, with railway and bus stations.
This transit project is expected to serve over six million tourists and 2.6 million residents of Agra annually.
It will offer secure and an environment-friendly mass rapid transit system to Agra.
With an estimated expense of $1.13bn, the project will be concluded in five years.
The EIB loan will be utilised for the construction of Corridor-1 from Sikandara to Taj East Gate and Corridor-2 from Agra Cantt to Kalindi Vihar in the Agra City.
The first corridor will stretch 14km while the second corridor will cover a distance of 15.4 km.
Besides, this metro development is expected to improve Agra’s economic productivity as well as generate several job opportunities.
Additionally, Ministry of Housing and Urban Affairs is functioning as government’s line ministry for this transit project.
Meanwhile, Uttar Pradesh Metro Rail Corporation Ltd. (UPMRCL) is working as the implementing agency.
In May this year, EIB signed a $182m (€150m) finance contract with the Indian Government for the Pune Metro Rail project’s second section in Maharashtra.