Lucknow, Feb. 22 -- 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 the Lucknow Metro, according to officials. The approval, granted on Friday, allows the Uttar Pradesh Metro Rail Corporation (UPMRC) to raise funds from the New Development Bank (NDB), a multilateral financial institution set up by Brics nations. The loan will be backed by a sovereign guarantee from the Central government. The total estimated cost of the East-West Corridor project is Rs.5,801.05 crore. Officials said the external funding clearance is expected to accelerate project execution. Two major civil construction tenders have already been floated, with additional tenders likely to be issued in the coming months. The funding proposal was discussed at a screening committee meeting chaired by the department of economic affairs, with representatives from NITI Aayog, the ministry of housing and urban affairs and other central ministries in attendance. The proposal was initiated by the Uttar Pradesh government and presented by UPMRC managing director Sushil Kumar, who outlined the project's features and financing structure. Planned under Phase 1B of Lucknow Metro, the 11.165-km East-West Corridor will run from Charbagh to Vasantkunj. The corridor will comprise seven underground and five elevated stations, improving connectivity across densely populated areas of Old Lucknow. The new corridor will also integrate with the existing North-South Corridor at Charbagh, enabling seamless interchange for commuters. UPMRC has previously executed Metro projects in Lucknow, Kanpur and Agra with financial assistance from the European Investment Bank. The NDB funding is seen as a significant step in strengthening the financial framework for future Metro expansion in the state. Sushil Kumar, the UPMRC MD, said the East-West corridor would ease travel across the city and benefit lakhs of commuters. He added that improved connectivity would spur economic activity and reiterated UPMRC's commitment to timely and efficient delivery of world-class urban transport infrastructure....