Thursday, 31 March 2016

European Investment Bank to loan €450 million for Lucknow Metro




European Union, through the European Investment Bank (EIB), will lend India €450 million (approximately Rs. 3,300 crore) towards constructing a 23-km long Lucknow Metro rail line and a purchasing a fleet of new trains.

EIB is the EU’s official bank and the world’s largest international public bank, and its loan will cover half of the total project costs for the Lucknow Metro. The first tranche of €200 million will be signed on Wednesday, during Prime Minister Narendra Modi’s visit to Brussels, as part of the 13th India E.U. 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.

European Union
  • The EU is a unique economic and political partnership between 28 European countries that together cover much of the continent.
  • The EU was created in the aftermath of the Second World War. The first steps were to foster economic cooperation: the idea being that countries who trade with one another become economically interdependent and so more likely to avoid conflict.
  • The result was the European Economic Community (EEC), created in 1958, and initially increasing economic cooperation between six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Since then, a huge single market has been created and continues to develop towards its full potential. The European Parliament is elected every five years by EU citizens.

Extra info:
  • The first tranche of €200 million will be signed on Wednesday, during Prime Minister Narendra Modi’s visit to Brussels, as part of the 13th India E.U. 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.
  • Akhilesh Yadav is the current and the 20th Chief Minister of the Indian state of Uttar Pradesh.
  • chief minister of uttar pradesh - akhilesh yadav

so lets do:
  • ________ is the current and the 20th Chief Minister of the Indian state of Uttar Pradesh.
  • European Investment Bank annouced to loan €450 million to which state for metro project?


Source - The Hindu

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