India signs Euro 442.26 million loan agreement with KFW for Surat Metro

New Delhi, Dec 17: India signed a Euro 442.26 million loan agreement with Germany Development Bank – KFW (Kreditanstalt fürWiederaufbau) for the Surat Metro Rail project on Friday.

Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance, signed the agreement for India while Claudia Schmerler, Head of Division, Climate Finance and Urban Mobility signed, for KFW, an official statement said.
The total cost of the project, which is being co-financed by French Development Agency, AFD(Agence Française de Développemet), is Euro 1.50 billion, out of which KFW will finance Euro 442.26 million.
The agreement with AFD for Euro 250 million was signed on January 28, 2021.
The 40.35 km long Surat Metro project aims to strengthen and augment the transport infrastructure of the Surat urban agglomeration.

The project is envisaged and planned to have a system and transformational impact in terms of reliable and safer public transport, reduction in traffic congestion and reduction in long delays on major travel corridors in Surat city and urban area by providing integrated mass public transport system.