European Investment Bank surveys Lucknow Metro route

European Investment Bank surveys Lucknow Metro route

Lucknow (LKO): A day after the board of Lucknow Metro Rail Corporation took important decisions regarding tendering work of the North-South corridor from Amausi Airport to Munshipulia, a delegation from European Investment Bank visited the city to survey the route for exploring loaning options.

The bank, headquartered in Luxemburg, is known for extending financial assistance to capital-extensive projects across the world. The visiting team comprised country manager Sunita Lukkhoo, deputy economic advisor Pierce Vickers and other officials who inspected the route and layout of the corridor on Tuesday. They met senior officials from LMRC (responsible to execute the project) and Delhi Metro Rail Corporation, which prepared a detailed project report (DPR) and which is the interim consultant of the project.

On Wednesday, the bank’s team will get answers to its queries and prepare an analysis of the project. It would send a report to its headquarters on Wednesday.

“The team has come for pre-appraisal which includes inspecting the route and challenges. After it submits a report, a team would again come for final appraisal. It includes working on finer details,” LMRC officials said.

Prior to this, French Agency for Development (AFD), Japan International Cooperation Agency (JICA) and World Bank have also come to review the project to explore loaning options. Officials said a team from AFD is expected to visit the city in the first week of August to complete an appraisal of the project. LMRC needs to borrow a hefty sum of about Rs 3,300 crore from an international financial institute to execute construction of the N-S corridor.

This team had come on the recommendation of the department of eonomic affairs under the ministry of finance. Officials said a loan for the project would preferably be borrowed from a bilateral or a multilateral agency. It might be taken from more than one agency depending on the situation and requirement.

Source: RailNews