India is claimed to be the “largest beneficiary” of EIB transport financing outside Europe. Credit: European Investment Bank.

The European Investment Bank (EIB) has granted a €150m loan to support the construction of Pune city’s metro rail in the Indian state of Maharashtra.

The 20-year loan has been granted to help enhance travel for over three million people in the city.

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Upon completion this year, the Pune metro is expected to create 900 new jobs in the city. This project is co-financed along with Agence Française de Développement (AFD).

This project is part of the EU’s Global Gateway Initiative to support projects that optimise global and regional connectivity in the digital, climate, transport, health, energy and education sectors.

The bank’s total funding of €500m is said to support 31.25km of metro construction with 30 stations. It is expected to benefit 159 million travellers per annum.

EIB vice president Kris Peeters said: “Sustainable transport investment supported by a total €500m loan enables more accessible and affordable access to workplaces, healthcare, education and markets, while protecting the environment and improving the quality of air in the city.

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“This is a good example of how international cooperation and local know-how can make tangible improvement for citizens and businesses alike, and at the same time contribute to climate action and protection of the environment.”

Since 2016, EIB has approved €2.45bn for the country’s metro projects in Agra, Bangalore, Bhopal, Kanpur and Lucknow.