The European Investment Bank (EIB) has agreed to invest €650m to fund the construction of 32.4km metro line in Kanpur in the Indian state of Uttar Pradesh.
Claimed to be Kanpur’s first of its kind, the new metro rail system will create 1,100 new jobs and allow the city to have green, affordable and accessible public transport network.
The EIB financing will be used for the construction of the Kanpur metro line with 18 elevated and 12 underground stations, in addition to the acquisition of rolling stock.
EIB vice-president Andrew McDowell said: “Kanpur is the fifth metro rail project to receive EIB funds in India and the biggest investment made by the Bank outside the EU.
“The metro will have a positive impact on quality of life and doing business in the city through access to affordable transport, creating new employment and education opportunities.
“It will be a safe, green and affordable transport alternative for Kanpur and its visitors. We are also glad to see this project is contributing to global climate action while strengthening EU-India relations.”
Upon completion, the project is expected to benefit around three million people by providing safe, fast and affordable public transport.
The Kanpur metro line will reduce pollution and greenhouse gas emissions while improve air quality across the city.
It is the second metro rail project in Uttar Pradesh to receive EIB funding, and fifth in India. The EIB earlier approved funding for Bhopal, Pune, Bangalore and Lucknow metro rail projects.
Uttar Pradesh Metro Rail (UPMRC) managing director Kumar Keshav said: “On behalf of the UPMRC team, I again assure you that fulfilling the trust shown by the EIB in funding the Kanpur metro project will be our highest priority in delivering this prestigious project on time, which will further accelerate the long-term economic and social development of the city.”
Kanpur is part of the Government of India’s Urban Development Smart Cities Mission, which was launched in June 2015 to make cities making them citizen friendly and sustainable.