India releases Rs.250 crore assistance to Lucknow Metro

NEW DELHI (INDIA): India’s Ministry of Urban Development today released Rs. 250 crore  for the Lucknow Metro Rail project which is a joint venture project of central and Uttar Pradesh Governments.nnThe Ministry had earlier this year released Rs.300 crore taking the total assistance provided to the Lucknow Metro to Rs.550 crore.nnHome Minister Rajnath Singh discussed the progress of Lucknow Metro with Urban Development Minister M.Venkaiah Naidu and sought its speedy implementation.nnThe 23 km Lucknow Metro is estimated to cost Rs.6,928 crore. Of this, central government provides Rs.1,003 crore as its share of equity, Rs.297 crore as Sub-ordinate Debt and Rs.3,500 crore as loan assistance. Uttar Pradesh has to mobilise the remaining Rs.2,128 crore as its share of equity and other means.nnCentral Government entered into a loan agreement with the European Investment Bank in March this year for providing a loan of Rs.3,500 crore to the Lucknow Metro Project.