European Investment Bank’s €650-m fund for Kanpur Metro OUR BUREAU New Delhi, August 31 The European Investment Bank (EIB) on Monday announced that it will invest €650 million in the construction of Kanpur’s metro line. The second biggest EIB operation outside the EU to date will finance the construction of a 32.4-km urban rail line, with 18 elevated and 12 underground stations, stated EIB in a release. This is the second metro rail project supported by EIB in UP, following the €450 million investment in the Lucknow metro. This is the fifth EIB investment in green infrastructure and connectivity in India and the second in Uttar Pradesh. The EU bank has invested in metro rail systems in Bhopal, Pune, Bengaluru and Lucknow. With the Kanpur investment, the total amount of the EIB’s approved funding for metro rail systems in India has reached €2.65 billion, more than half of the entire EIB investment portfolio in India. This investment comes within days of ADB announcing its commitment in rail-based system in India. On August 18, Asian Development Bank (ADB) approved a $1 billion loan to support construction of a rail-based transit system -- the speed Delhi-Meerut Regional Rapid Transit system in India. Andrew McDowell, Vice-President of the European Investment Bank, said: “Kanpur is the fifth metro rail project to receive EIB funds in India and the biggest investment made by the Bank outside the EU.” Once completed, Kanpur metro rail will create 1,100 new jobs and enable around 116 million more affordable commutes each year, said the EIB release. .