Niti Aayog to speed up funding process for Kanpur, Agra Metro projects

'The European Union Investment Bank (EIB) is keen to fund the two projects,' Singh said. In 2016 a three-member delegation from EIB had visited Kanpur and said it was ready to offer help for the project. It had also acknowledged the need for a quick and easy mode of public transport in Kanpur. The UP government had in February transferred Rs 100 crore to Kanpur and Agra for the projects after earmarking Rs 175 crore token budgetary support in this year's budget. The estimated cost of the Kanpur metro rail project is nearly Rs 17,000 crore (Rs 170 billion) of which the UP government will provide around Rs 1332 crore (Rs 13.32 billion) while the Kanpur Development Authority is to provide Rs 100 crore (Rs 1 billion) for the project. The UP State Industrial Development Corporation would be required to pitch in with Rs 50 crore (Rs 500 million) in the first phase. For the rest, the UP government will have to seek funds from other sources. The Agra Metro Rail Project would cost nearly Rs 12,900 crore (Rs 129 billion) of which Rs 1009 crore (Rs 10.09 billion) would be provided by the state government and Rs 200 crore (Rs 2 billion) would have to be arranged by the local bodies. DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Hindustan Timeshttp://wiznotes.com/UserProfile/tabid/84/userId/277037/Default.aspx

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