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PM facilitates Rs 1.5k crore loan with EU Bank for Lko Metro

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Published on 31 March 2016 5:53 AM GMT

PM facilitates Rs 1.5k crore loan with EU Bank for Lko Metro
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Brussels: Prime Minister Narendra Modi played a facilitator for Lucknow Metro, the dream project of Uttar Pradesh Chief Minister Akhilesh Yadav, by signing a Rs 1500 crore loan deal with European Investment Bank (EIB) at 13th India-EU summit in Brussels on Wednesday.

The deal with EIB, the official bank of European Union(EU), would pave way for the smooth execution of Lucknow Metro Project, which is already progressing fast. It was one of the mega projects of Akhilesh Yadav-led Uttar Pradesh government which is likely to start operation from December, 2016 in the first phase.

The project had to face initial hiccups due to want of funds in the strating phase of the project,however, the current deal would be able to see it through without any further glitches, an official spokesperson admitted in Lucknow. It was a great help for Uttar Pradesh particularly the state capital, he added.

Prime Minister Modi while addressing the the summit with his Belgian counterpart Charles Michels said that India-EU trade and investment agreement would help all European countries, to benefit from India’s strong economic growth. He hoped to step up mutual trade exchange in the future.

Meawnhile, Vikas Swaroop, spokesperson of Ministry of External Affairs confirmed the news through his Tweet.

Read the full text of Modi's speech here:

Your Excellency Prime Minister Charles Michel,

Ladies and Gentlemen.

Thank you for your remarks.

Last week has been a sad week for Belgium. Let me say Mr. Prime Minister that we share the depth of sorrow and grief that the people of Belgium have experienced in the last eight days. My deepest condolences to the families of those who lost their loved ones to the terror strikes in Brussels last week. Having experienced terrorist violence ourselves on countless occasions, we share your pain. Mr Prime Minister, in this time of crisis, the whole of India stands in full support and solidarity with the Belgian people. I deeply appreciate your welcome and the time that you have devoted to me despite pressing demands on you. As part of our efforts to respond to this common challenge we could resume discussions on a Mutual Legal Assistance Treaty. Negotiations on Extradition Treaty and a Treaty on Exchange of Sentenced Prisoners could be concluded expeditiously .

Friends,

Our two countries share a long history of friendship. A hundred years ago, more than 130,000 soldiers from India fought in the First World War alongside your countrymen on Belgian soil. More than 9,000 Indian soldiers made the supreme sacrifice. Next year will mark the 70th anniversary of India-Belgium diplomatic ties. To celebrate this important milestone in our friendship, we look forward to welcoming His Majesty King Philippe of Belgium in India next year. We would also be commemorating it with a joint programme of activities in each others’ countries. My conversation with Prime Minister Charles Michel today covered the whole spectrum of our ties. A system of bilateral foreign policy consultations would recommend concrete ways to upgrade our partnership.

Friends,

India is one of the brightest economic opportunities in the world today. Our macroeconomic fundamentals are robust , and at 7% plus, we are one of the fastest growing economies of the world. I believe that a combination of Belgian capacities and India’s economic growth can produce promising opportunities for businesses on both sides. Prime Minister and I have just held a productive interaction with Belgian CEOs and business persons earlier today. I invite the Belgian government and companies to pro-actively associate with India's ambitious development projects including Digital India, Start Up India and Skill India. Belgian businesses can make their global supply chains more cost effective by manufacturing in India. India's goal to modernize infrastructure, especially railways and ports, and building of 100 plus smart cities also presents a unique investment opportunity for the Belgian companies. These partnerships can help us reach new heights in our trade and commercial partnership. I have invited Prime Minister Michel to visit India with Belgian businesses to see first-hand the reality of India's economic and political promise. Clearly, it is not just diamonds that can bring shine to our partnership. Climate change is one of the greatest challenges before mankind. Prime Minister and I have agreed to enhance our cooperation in renewable energy. We would also build partnerships in areas such as harnessing waste for energy, small wind turbines and zero emission buildings. Advancement in S&T and High technology areas is of particular importance for India's development priorities. We welcome Belgium’s collaboration in these areas. Prime Minister Michel and I have just activated , remotely, India’s largest optical telescope. This product of Indo-Belgian collaboration is an inspiring example of what our partnership can achieve. The work is also afoot on other agreements in the areas of Information and Communication Technology, audio-visual production Tourism biotechnology and shipping and ports.

Watch the video here

Friends,

In a couple of hours from now, I would meet the EU leadership for the 13th India-E.U. Summit. For India, EU is one of our strongest strategic partners. Trade, Investment, and technology partnership between India and the EU would be one of the focus areas of our discussions. I feel that a progressive path and creative mind-set to India-EU Trade and Investment Agreement can enable all the European countries, including Belgium, to benefit from India’s strong economic growth. I once again express my sincere gratitude to Prime Minister Charles Michel for his time, welcome and hospitality. I look forward to welcoming him in India.

alongside your countrymen on Belgian soil. More than 9,000 Indian soldiers made the supreme sacrifice. Next year will mark the 70th anniversary of India-Belgium diplomatic ties. To celebrate this important milestone in our friendship, we look forward to welcoming His Majesty King Philippe of Belgium in India next year. We would also be commemorating it with a joint programme of activities in each others’ countries. My conversation with Prime Minister Charles Michel today covered the whole spectrum of our ties. A system of bilateral foreign policy consultations would recommend concrete ways to upgrade our partnership.

Accorder warm welcome

Friends,

India is one of the brightest economic opportunities in the world today. Our macroeconomic fundamentals are robust , and at 7% plus, we are one of the fastest growing economies of the world. I believe that a combination of Belgian capacities and India’s economic growth can produce promising opportunities for businesses on both sides. Prime Minister and I have just held a productive interaction with Belgian CEOs and business persons earlier today. I invite the Belgian government and companies to pro-actively associate with India's ambitious development projects including Digital India, Start Up India and Skill India. Belgian businesses can make their global supply chains more cost effective by manufacturing in India. India's goal to modernize infrastructure, especially railways and ports, and building of 100 plus smart cities also presents a unique investment opportunity for the Belgian companies. These partnerships can help us reach new heights in our trade and commercial partnership. I have invited Prime Minister Michel to visit India with Belgian businesses to see first-hand the reality of India's economic and political promise. Clearly, it is not just diamonds that can bring shine to our partnership. Climate change is one of the greatest challenges before mankind. Prime Minister and I have agreed to enhance our cooperation in renewable energy. We would also build partnerships in areas such as harnessing waste for energy, small wind turbines and zero emission buildings. Advancement in S&T and High technology areas is of particular importance for India's development priorities. We welcome Belgium’s collaboration in these areas. Prime Minister Michel and I have just activated , remotely, India’s largest optical telescope. This product of Indo-Belgian collaboration is an inspiring example of what our partnership can achieve. The work is also afoot on other agreements in the areas of Information and Communication Technology, audio-visual production Tourism biotechnology and shipping and ports.

Friends,

In a couple of hours from now, I would meet the EU leadership for the 13th India-E.U. Summit. For India, EU is one of our strongest strategic partners. Trade, Investment, and technology partnership between India and the EU would be one of the focus areas of our discussions. I feel that a progressive path and creative mind-set to India-EU Trade and Investment Agreement can enable all the European countries, including Belgium, to benefit from India’s strong economic growth. I once again express my sincere gratitude to Prime Minister Charles Michel for his time, welcome and hospitality. I look forward to welcoming him in India

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