Reference: 20160327
Release date: 26 July 2018

Promoter – Financial Intermediary

MAHARASHTRA METRO RAIL CORPORATION LTD

Location

Description

Construction of two metro lines totaling 31.3 km and 30 stations, as well as purchase of a related fleet of metro cars in Pune, Maharashtra State, West India.

Objectives

The proposed project will contribute to the two main objectives of EIB External Mandate: (i) climate change mitigation, by promoting modal shift from road to rail and thereby a reduction of GHG emissions; and (ii) the development of social and economic infrastructure by making a key contribution to urban development, thereby improving the business environment for private sector development and facilitating access to amenities and jobs. The project is consistent with the EU Country Strategy Paper for India which highlights the infrastructure gap and need to address rising GHG emissions. It will contribute to make Pune safer and more business-friendly through low carbon and climate resilient urban infrastructure and improved access.

Sector(s)

Proposed EIB finance (Approximate amount)

EUR 600 million

Total cost (Approximate amount)

EUR 1770 million

Environmental aspects

If situated in the EU, the project would fall under Annex II of the EIA Directive and would be subject to screening. In India, metro projects do not fall within the scope of the relevant EIA legislation unless the built up area is beyond a defined threshold, in which case the project is subject to screening by the State level Competent Authority. The status of screening, if any, is to be determined during appraisal. The project has in any case been subject to an environmental and social impact assessment. The further steps in assessing and managing environmental risks are to be reviewed during appraisal. The project requires the acquisition of about 44 ha of land and entails some permanent involuntary resettlement. Compliance with relevant EIB Social Standards is to be reviewed.

Procurement

The Bank will require the promoter to ensure that implementation of the project will be done in accordance with the Bank's Guide to Procurement.

Status

Signed - 22/07/2019

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Related tags

India Transport