French Development Agency (AFD) has signed a credit facility agreement with the Government of India’s Department of Economic Affairs (DEA) for extending bilateral funding with a €245m loan for the Pune Metro project.
The Pune Metro Project in the Indian state of Maharashtra is being developed by Maharashtra Metro Rail (MAHA-METRO), a special joint venture (JV) vehicle equally owned by the state and union governments.
The overall project is estimated to cost Rs114.2bn ($1.61bn), of which Rs58.31bn ($820m) will be procured through loans.
European Investment Bank and AFD are primarily funding the loan component of the project, according to news agency ANI.
The AFD funding will be utilised to finance system packages for the Pune Metro project. It includes signalling, power supply, OHE, telecom and some other civil works.
More than 27% of the project work has been completed, the news agency added.
This is the second urban mobility project to be funded by AFD France in Maharashtra after Nagpur Metro.
The Pune Metro system comprises three lines. The 16.59km-long Line 1, which runs from PCMC building in Pimpri to Swargate, will feature five underground and nine elevated stations.
Line 2 will run from Ramwadi to Vanaz and will have 16 elevated stations. This section will be 14.67km-long.
Both metro lines are scheduled to be completed by 2021.
The foundation stone for the Line 3 was laid by Indian Prime Minister Narendra Modi last month. It will be implemented by the Pune Metropolitan Region Development Authority (PMRDA).