The East-West Corridor, planned under Phase 1B of the Lucknow Metro project, will run from Charbagh to Vasant Kunj.The Department of Economic Affairs under the Union Ministry of Finance has granted in-principle approval for external borrowing of Rs 2,883.93 crore for the East-West Corridor of Lucknow Metro.ARTICLE CONTINUES BELOW VIDEOAccording to the UP Metro authorities, the approval was accorded on Friday for Uttar Pradesh Metro Rail Corporation’s proposal to raise external funding from the New Development Bank, a multilateral financial institution established by BRICS nations. The borrowing will be supported by a sovereign guarantee of the Government of India. The total estimated cost of the East-West Corridor project is Rs 5,801.05 crore.The proposal was discussed in a Screening Committee meeting chaired by the Department of Economic Affairs with participation from NITI Aayog, Ministry of Housing and Urban Affairs, and other concerned central ministries. The proposal was initiated by the Government of Uttar Pradesh and presented by the Managing Director of Uttar Pradesh Metro Rail Corporation, Sushil Kumar, who outlined the project features and funding structure.The East-West Corridor, planned under Phase 1B of the Lucknow Metro project, will run from Charbagh to Vasant Kunj. The 11.165-kilometre corridor will include 7 underground and 5 elevated stations and will improve connectivity through densely populated areas of old Lucknow. The corridor will also integrate with the existing North-South Corridor at Charbagh, enabling smooth interchange for commuters.The external funding approval is expected to provide a strong boost to project execution. Two major civil construction tenders have already been floated, with additional tenders planned in the coming months.UPMRC has earlier implemented metro projects in Lucknow, Kanpur and Agra with funding support from the European Investment Bank. The approval from the New Development Bank marks another important step in strengthening the financial framework for future metro expansion in Uttar Pradesh.Managing Director, UPMRC, Sushil Kumar, said the East-West Metro Corridor will bring substantial ease of travel in Lucknow city and benefit lakhs of commuters. He added that improved connectivity will support economic activity and reaffirmed that, as with earlier metro projects, UPMRC remains committed to the timely and efficient delivery of world-class urban transport infrastructure.Stay updated with the latest - Click here to follow us on Instagram© The Indian Express Pvt Ltd