Published On : Sun, Apr 10th, 2016

Nagpur Metro Rail : Project agreement with KFW signed for funding of Rs 3,750 crore

kfw-project-nagpur-metroNagpur: The Nagpur Metro Rail will be completed on a fast track basis and the “ultra modern rail network will change the face of the city”, Maharashtra Chief Minister Devendra Fadnavis said today.

devendra-fadnavis-nagpur-meThe Metro will be a unique gift to the city in 21st century with German finance agency KFW sanctioning Rs 3,750 crore as loan to part fund the project, Fadnavis said at the ‘Project Agreement’ signing ceremony held here in the presence of Union Transport and Shipping Minister Nitin Gadkari.

Metro project’s Managing Director Brajesh Dixit and KFW Director Peter Hilliges here today signed the Project Agreement for funding of Rs 3,750 crore, which will be utilised for procurement of rolling stock, cars, electricity supply, traction and other infrastructure facilities.

nitin-gadkari-nagpur-metro-“The Nagpur Metro Rail will pick up the right momentum after the signing of the Project Agreement with German finance agency KFW of Rs 3,750 crores loan today for the prestigious project, and its speed towards completion will be accelerated further,” Fadnavis said.

nagpur-metro-rail-kfwThe project, launched by Prime Minister Narendra Modi in August 2014, was making a steady progress, he said adding that with the inflow of funds, it will be accelerated soon.

On April 1, a formal agreement was signed in New Delhi in presence of German Ambassador to India Dr Martin Ney and the Urban Development Ministry officials.

nagpur-metro-railway-statioFadnavis said Maharashtra government and the Union Ministry of Road Transport and Highways were making efforts to integrate the Metro Rail with National Highways passing through the city.

“Our efforts will be to make the Metro a sustainable project,” he said.