However, the project is yet to receive clearance from the Cabinet Committee on Economic Affairs (CCEA) which is mandatory for signing of the agreement with JBIC. In fact the proposal would be discussed in the Public Investment Board in New Delhi on 3 March. It is only after the approval of the PIB, the matter would be put up before the CCEA for its clearance which leaves only six days in hand for the state government for clearance.

The state government is making all efforts to get the JBIC loan sanctioned this year, itself. "The chief minister has taken it up on himself so that we get clearance from the Centre before 10 March.

"We are trying to get it through," said Mr Sumantra Choudhuri, additional chief secretary, transport department.

The transport department has also approached the Union urban development ministry to get the sanction through since "the project was not delayed by any fault of the state government".
It has also cited the instance of the Bangalore Metro which needed CCEA approval as well.
Work for the East-West Metro project was set to begin from 2009. While JBIC would provide 50 per cent of the cost the rest would be shared by the Centre and state government.

The Centre would also be the guarantor of the loan. JBIC is offering the loan at only 3 per cent interest at a quarterly rate and the tenure of the loan is 30 years with ten years moratorium after construction.

The project which would be a crucial link between Howrah Station and Salt Lake Central park has already received environmental clearance.