Maharashtra Metro’s - Pune Metro Project: Credit Facility Framework Agreement between Government of India – Department of Economic Affairs (DEA) & AFD, France towards extending 245m Euro Loan to Maharashtra Metro’s – Pune Metro Project.

New Delhi 28 : French Development Bank AFD & Department of Economic Affairs (DEA) on behalf of Government of India signed a Credit Facility Framework agreement today  at North Block,  New Delhi for extending bilateral funding to the tune of 245m Euros to fund Maharashtra Metro’s Pune Metro Project.

Maharashtra Metro Rail Corporation Limited (MAHA-METRO) a 50:50 Joint Venture of Government of India & Government of Maharashtra is currently executing the Pune Metro Project. The estimated total project cost of the Pune Metro Project is INR 11,420 crores of which the Loan component is INR 5831.5 crores. The loan component is to be funded by European Investment Bank EIB and AFD France. The current credit facility signing between DEA and AFD France would be to extend bilateral funding to the tune of ~245m Euros to fund the Pune Metro Project. For Maharashtra Metro, Pune Metro is the second Metro project after Nagpur Metro (130m Euros)to be financed by AFD France under the Indo French partnership for clean, socially inclusive and climate friendly mobility for people in cities.

Post this signing, a project agreement would be signed between Pune Metro & AFD France in Pune shortly.

MAHA-METRO has been able to achieve financial closure of the Pune Metro Project, due to very strong support from Government of Maharashtra (GOM), Ministry of Housing &Urban Affairs (MoUHA) and Government of India (GOI)- DEA.

The funds to be received from AFD would be used primarily to fund system packages i.e. Signaling, OHE, Power supply, Telecom and some civil packages. The physical progress of the project is in excess of 27%.

The agreements signed by Dr.C.S.Mohpatra, Additional Secretary Department of Economic Affairs, Ambassador his Excellency Mr. Alexandre Ziegler France Ambassador of India,  Ms clemencevidal dela Blache, deputy Director, AFD, India, , Dr. Brijesh Dixit, Managing Director, MAHA METRO and other dignitaries from maha metro  Mr. S. Sivamathan, Director (Finance) , Director (Rolling Stock) Mr. Sunil Mathur  Mr.  Ramnath Subramaniam Executive Director (Strategic Planning).

About Maharashtra Metro Rail Corporation Limited (MAHA-METRO):

MAHA METRO is a Special Purpose Vehicle (SPV) created as a 50:50 joint venture between Government of India (GOI) & Government of Maharashtra (GOM) for speedy implementation of all Metro Projects outside the Mumbai Metropolitan Region (MMR). Maha Metro is currently executing two Metro projects in Maharashtra i.e. Nagpur Metro Project & Pune Metro Project. Maha Metro aims to provide a safe, reliable, efficient, affordable, commuter friendly and environmentally sustainable rapid public transport system for the Nagpur & Pune cities to improve the quality of life of the citizens.

About AFD:

AFD is France’s inclusive public development bank committed to provide financing and technical assistance to projects that genuinely improve everyday life, both in developing and emerging countries and in French overseas provinces.

In keeping with the United Nations Sustainable Development Goals, AFD works in many sectors — energy, healthcare, biodiversity, water, digital technology, professional training, among others — to assist with transitions towards a safer, more equitable, and more sustainable world.
Through a network of 85 field offices, AFD currently finances, monitors and assists more than 2,500 development projects in ~108 countries across the globe.