EIB Team visits Pune Metro Sites Ahead of finalizing Loan Deal

The Pune Metro rail project is expected to get funds injection today, with the European Investment Bank (EIB) signing loan agreement for the project. Yesterday (Thursday, 30th January 2020) EIB officials visited the sites of Pune Metro and took note of Depot Work.

The EIB is expected to extend a total loan of 600 million euros, or Rs 4,705 crore, for the Rs 11,420-crore project. Today’s agreement will see 200 million euros (Rs 1,568 crore) being disbursed. Maharashtra Metro Rail Corporation Limited (MahaMetro) officials said that the loan will help speed up the execution of the project by ensuring a consistent flow of funds.

“The money will be utilized primarily for the underground tunnelling work, the construction of the Metro viaduct from Civil Court to Ramwadi (Reach 3) and two depots coming up at Vanaz and College of Agriculture,” an official said.

“The EIB team sought details on relief and rehabilitation for the project-displaced and about compensation against land acquisition. They also enquired about the provisions for women and the physically challenged in Metro coaches,” an official said.

MahaMetro officials made a detailed presentation, stating, among other things, that 37% of the civil work on both routes has been completed over the past 30 months. The MahaMetro official also provided an update on the land acquisition. “We are now in possession of over 90% of the land, acquired through direct purchase. The compensation has been given as per the relief and rehabilitation policy of the state government.

MahaMetro is also making efforts to ensure minimal damage to environment, about 1,400 tress have been transplanted at a high survival rate, and 14,000 new trees have been planted at different locations,” the official claimed.

MahaMetro is developing two Metro corridors in Pune and Pimpri Chinchwad. The first line connects Pimpri and Swargate. It will be elevated for the 11km stretch between Pimpri and Range Hills. For the next 5km, it will be underground. The other corridor, between Vanaz and Ramwadi, will be completely elevated.

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