Project Agreement Signed Between MahaMetro and Asian Development Bank; ₹1527 Crore Financial Assistance for Nagpur Metro Project Phase-2

Faster Development of Nagpur City and Surrounding Areas Due to Boost to Nagpur Metro Project Phase-2 – Chief Minister Devendra Fadnavis

Nagpur : Financial assistance of ₹1527 crore (200 million dollars) will be provided by the Asian Development Bank (ADB) to boost the second phase of the Nagpur Metro Rail Project. A project agreement in this regard was signed in the Cabinet meeting hall of the Legislature building in the presence of Chief Minister Devendra Fadnavis. On this occasion, the Chief Minister stated that this project will further accelerate the development of Nagpur city and its surrounding areas.

MahaMetro’s Managing Director Shravan Hardikar and Asian Development Bank’s Director Mio Oka signed the financial assistance agreement. For Nagpur Metro Rail Project Phase-2, a total of ₹3586 crore will be financed by the Asian Development Bank (ADB) and the European Investment Bank (EIB). Out of this, ₹1527 crore will come from the Asian Development Bank, and an agreement for the same has been signed. This funding will be provided to MahaMetro in Japanese Yen, which will comparatively result in a lower interest rate on the loan. The loan amount for MahaMetro will be made available through the Ministry of Housing and Urban Affairs (MoHUA).

The Nagpur Metro Rail Project Phase-2 will cover a total of 43.8 kilometers, comprising the following stretches:

• 18.5 kilometers from Khapri to MIDC ESR,
• 13 kilometers from Automotive Square to Kanhan River,
• 5.6 kilometers from Prajapati Nagar to Transport Nagar,
• 6.7 kilometers from Lokmanya Nagar to Hingna.

This metro project will benefit 10 lakh residents in and around the Nagpur area.

On this occasion, Chief Secretary Sujata Saunik, Additional Chief Secretary to the Chief Minister Vikas Kharge, CEO of “Mitra” Praveen Pardeshi, Principal Secretary to the Chief Minister Ashwini Bhide, Secretary Shrikhar Pardeshi, secretaries of various departments, Asian Development Bank’s subject experts, along with MahaMetro’s Director (SP) Anilkumar Kokate, Director (Finance) Harendra Pandey, and others were present.