EIB investing €600m in Pune city metro rail in India
The European investment Bank will invest €600 million in construction of two new lines of the metro rail and acquisition of 102 modern metro cars in the city of Pune, India. The new metro rail system will reduce commuting hours for more than three million people living in the city.
This is the fourth EIB investment in metro rail systems in India; to date the EU’s Bank supported metro rail systems in Bhopal, Bangalore and Lucknow. With the Pune investment, the total amount of the EIB approved support for metro rail systems in India reached €2 billion.
Pune metro system will have 31 km of tracks, both over- and underground, with 30 stations, and increase the coverage of the public city transport network. Once completed, the Pune metro rail will create 900 new jobs and allow around 600,000 safer, affordable, punctual, and faster commutes each day.
On top of creating affordable and accessible public transport network and a reliable alternative to heavily congested streets, the new metro will reduce pollution and greenhouse emissions and improve the quality of air across the city. With easier access to the local job market, healthcare and education for the people, Pune metro rail will make a positive impact on the quality of life and doing business, and contribute especially safety of woman travelers.
Andrew McDowell, Vice President of the European Investment Bank said: “Pune metro rail will improve the living conditions of three million people in Pune. It will enable more accessible and affordable access to workplaces, healthcare, education and markets, while protecting the environment and improving the quality of air in the city. This is a good example of how international cooperation and local know-how can make tangible improvement for people and businesses alike, and at the same time contribute to climate action and protection of the environment. I am very proud to see cooperation between Europe and India growing through projects like this.”
H.E. Ugo Astuto, the EU Ambassador to India said: “The fight against the climate change is a common priority for both the European Union and India. We have been partnering with India on its sustainable urbanization agenda including development of world-class transport across cities. This agreement further demonstrates the close cooperation between the EU and India in financing related projects.”