Lucknow Metro will get a loan assistance of 450 million Euros (Rs 3,502 crore) from European Investment Bank (EIB) for its Phase-1A project. An agreement in this regard was signed in Brussels on March 30 in the presence of Prime Minister Narendra Modi during his visit to the Belgium capital. The loan amount will be released in two tranches of 200 million Euros and 250 million Euros, an official statement said here today.
The loan agreement was signed by Indian Ambassador to Belgium Manjiv Singh Puri and Vice-President of European Investment Bank Jonathan Taylor. 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 crore on 50 : 50 equity funding by the central and state governments.