Binding doc will help in seeking loan from BRICS bankLucknow: The cabinet has approved the execution of a tripartite MoU signed by central govt, UP govt, and UP Metro Rail Corporation Ltd for Lucknow Metro’s East-West Corridor (Charbagh to Vasant Kunj). With this binding document, govt can approach New Development Bank (NDB), a multilateral development bank established by the BRICS nations for loan.Sources said NDB’s interest rate is much lower than the European Investment Bank, which had funded Lucknow Metro’s first corridor, besides Agra and Kanpur metro.The cabinet in March 2024 had approved the detailed project report of the corridor. Following this, the Union ministry of housing and urban affairs in Sep 2025 sanctioned the project at an estimated cost of Rs 5,801 crore.The Centre’s approval had come with a condition that a tripartite MoU be signed for implementation of the project.“State cabinet has now approved the signing of the MoU in accordance with the revised draft prepared by the law department. The agreement outlines the roles and responsibilities of state govt and other stakeholders in execution of the project,” said a source.
