After 3 metro lines, EU keen to double its investments in UP

The European Investment Bank (EIB), the lending arm of the European Union, is set to expand its investment in Uttar Pradesh. An EIB delegation headed by its vice president Kris Peeters met UP Chief Minister Yogi Adityanath at his residence. The delegation is keen to invest in the upcoming infrastructure projects. The EIB, which is providing financial assistance to metro projects in three of UP’s cities – Lucknow, Kanpur and Agra, could double its investments from the current Euro 1.5 billion to Euro 3 billion.

“We are happy to see the commitment of UPMRC towards providing world-class infrastructure and environment-friendly transport system to the people of Uttar Pradesh. We will keep supporting UPMRC in further proposed projects on the aspect of finance,” Peeters said.

The Uttar Pradesh Metro Rail Corporation is now looking at expanding its services to other cities as well. These include Gorakhpur, Varanasi, Pryagraj, Jhansi, Bareilly, and Meerut.

Several other companies including Mukesh Ambani’s Reliance Industries Limited, Aditya Birla Group and the Tatas too announced massive investments in the state, which is holding the three day UP Global Investors’ Summit. Today is the last day of the summit.

Inaugurating the summit, Prime Minister Narendra Modi said that good governance, better law and order situation, peace and stability are the state’s new identity. “New opportunities for wealth creators are being made here,” he said.

Several cities in the state — Kanpur, Lucknow, Noida, Ghaziabad, and Meerut are also looking at manufacturing e-vehicles and lithium batteries.

UP is the largest producer of ethanol and is now developing second-gen low-carbon ethanol on a priority basis.

Also read: UP aiming to be manufacturing hub for e-vehicles, lithium batteries