The ambitious Metro Rail proposed in lucknow has been put on the fast-track with the Union Finance Ministry on Thursday said to have cleared Phase-I of the 22.88 km project between CCS Airport and Munshi Pulaia which is estimated to cost `6,928 crore.
This includes an elevated stretch of 19.44 km and an underground section of 3.44 km. The project will be implemented as a joint venture of the Central Government and Uttar Pradesh.
Sources said the Ministry of Finance’s Public Investment Board (PIB) gave its clearance to the lucknow Metro project. UP Chief Secretary Alok Ranjan represented the State at the meeting held in the national Capital after which it was approved by the PIB.
The first phase of the Metro project is expected to be completed before the 2017 Assembly elections in the State.
Sources said after the PIB clearance the State would now be able to receive loan of `3,500 crore from foreign financial agencies for the project, besides the Centre would also provide `1,300 crore for the project. The Centre and UP have to bear 20 per cent and 27 per cent of the total project cost respectively.