EIB to lend India INR 3300 crore for constructing Lucknow Metro rail line

Q.  European Union will lend India USD 450 million through EIB. What does EIB stand for?
- Published on 31 Mar 16

a. Europe International Bank
b. European Investment Bank
c. Europe Investing Bank
d. None of the above

ANSWER: European Investment Bank
 
The European Union, through the European Investment Bank (EIB), will lend India €450 million (approximately INR 3,300 crore) towards constructing a 23-km long Lucknow Metro rail line and a purchasing a fleet of new trains.
  • The EIB is the EU’s official bank and the world’s biggest international public bank, and its loan will cover half of the total project costs for the Lucknow Metro.
  • The first tranche of €200 million was signed on March 30th, during Prime Minister Narendra Modi’s visit to Brussels, as part of the 13th India EU Summit.
  • The remaining tranches will be disbursed over the course of the project.
  • Lucknow’s Metro is expected to increase the public transport mode share from 10% to 27% in the city of 3 million.
  • This marks the largest transport loan outside Europe for 10 years and EIB’s first sovereign loan to India

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