The European Investment Bank (EIB) will extend a loan of Euro 450 million ($512 million) to India to finance the construction of Lucknow’s first 23 km long metro rail line and purchase a fleet of new trains. An agreement for the first tranche of credit was signed in Brussels during the 13th European Union-India summit. The loan represents the largest project financing by EIB in India since its engagement in the country began over 20 years ago. It is also the most significant investment in sustainable public transport outside Europe. The long-term loan is expected to cover half the total project cost for the Lucknow Metro.