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Lucknow Metro gets Share of Funds from Central Government for the year and also achieves Signing of Loan with EIB before close of Financial Year.

With extensive effort and persuasion, LMRC did not allow allocation of funds in the Central Budget for the current year lapse on any account and finally got Rs 140.92 crores credited to its account from Ministry of Urban Development, Government of India on the last date i.e. 31st March, 2016. MoUD has released funds towards equity Rs 112.60 crore and towards Subordinate debt for Central taxes Rs 28.32 crores which have been credited to Lucknow Metro Rail Corporation today. Dream Project of Honourable Chief Minister Sri. AkhileshYadav got approval from Government of India through Cabinet Approval in December, 2015 for implementation of Lucknow Metro Rail Project Phase 1A covering a total length of 22.878 kms at completion cost of Rs. 6928 crores. This cleared the way for implementation of Lucknow Metro projecton 50:50 equity funding by Government of India and the State Government. Release of funds by Central Government has been possible as an outcome of it.A tripartite agreement among GOI, GOUP and LMRC has also been signed on 23.03.2016.

Managing Director, LMRC Sri Kumar Keshav informed that as per the financing pattern of Lucknow Metro Rail Project, the GOI will contribute Equity of Rs 1003 crores and Subordinate Debt (SD) for Central taxes of Rs 297 crores to Lucknow Metro Rail Corporation. GoUP contribution is also toward Equity of Rs 1003 crores and subordinate debt for Central taxes of Rs 449 crores in addition to subordinate debt towards cost of land and rehabilitation works.State Government has made the funds available to LMRC without waiting for Central Government support which has enabled Lucknow Metro project progress at a very fast pace.

Another big achievement before close of current financial year 2015-16 for LMRC has been signing of Loan Agreement for Lucknow Metro project between Government of India and the international funding agency European Investment Bank (EIB) in Brussels on 30th March, 2016 during the visit of Prime Minister to Brussels (Belgium) for 13th India-EU Summit. Honourable Prime Minister Sri. NarendraModi witnessed the signing of loan agreement for EIB funding of Lucknow Metro Rail Project for 450 million Euros (equivalent to INR 3502 crores) which will be released in two tranches of 200 million Euros and 250 million Euros respectively.

Finance contract for Lucknow Metro project has beensigned by Jonathan Taylor, European Investment Bank Vice President responsible for Asia and H.E. Manjeev Singh Puri, Ambassador of India to Belgium, Luxembourg and European Union. A communiqué issued after the signing ceremony in Brussels stated that signing of this loan agreement is EU Bank’s strengthened global commitment to support transformational investment for projects like Lucknow Metro, the flagship project of Uttar Pradesh.

Shri Kumar Keshav, Managing Director, LMRC stated that this will further fast track the Lucknow Metro project which is already progressing at a fast pace with the support of the State Government. Signing of loan agreement will help in execution of System Works like Rolling Stock, Signaling, Traction, Telecom works etc. with international Contracting Agencies to whom the contracts have already been awarded for in time completion of the Priority Section as per the target of December 2016 set by the Government.

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