PIB Nod crucial for Lucknow Metro funding
Lucknow: UP government will be making a strong pitch for the Lucknow metro rail before the public investment board (PIB) of Union finance ministry on Thursday for approval of the multi-crore-rupee project funded through foreign agencies.
Sources in the state government said a team led by UP chief secretary Alok Ranjan and principal secretary (housing and urban planning) Sadakant is likely to apprise the board of the project’s existing status for the much needed clearance that could pave way for funds not only from Centre but also from foreign agencies.
Sources in the state housing department said, with a total estimated cost of over Rs 18,000 crore, the project is not likely to materialise without aid from external agencies. A senior official in the housing department said the state government has been in touch with foreign agencies like Japan International Cooperation Agency (JICA) and the European Investment Bank (EIB) to fund the project. “But that is not possible if the PIB does not give the due clearance,” the official said.
“Part of the project has already been executed by the state government with its own funds. Now we need Central and external aid to push the project further,” said Sadakant, while speaking to media.
The PIB approval, sources said, would mean LMRC getting over Rs 170 crore from Centre, besides over 20 million Euros from EIB. UP government had in its state budget sanctioned Rs 100 crore for an 8Km priority section stretching between Amausi airport and Charbagh. The UP government has also been planning to marshall funds through long term credit.
Earlier, chief minister Akhilesh Yadav had sought intervention of Prime Minister Office (PMO) in a bid to fast-track the project.