The agreement was signed by Selvakumar, Joint Secretary, Department of Economic Affairs and Nicolas Fornage, Regional Director for South Asia, AFD in the presence of French Ambassador Alexandre Ziegler in New Delhi.
This funding will be used over a period of 20 years for signalling, telecom, automatic fare collection systems and lifts and escalators.
With this credit agreement, Nagpur Metro has achieved financial closure in a record 18 months.
Order for rolling stock has already been placed and tendering of other packages for power supply, traction systems, signaling, telecom, automatic fare collection system etc., are in advanced stages.
Earlier this year, the Government of India had signed a loan agreement with KfW German bank for 500 million Euros for Nagpur Metro.