In a continuous effort to review projects and explore new funding opportunities, Asian Infrastructure Investment Bank (AIIB) has initiated a periodic review mission for the Phase II project in Chennai, which it is currently funding. During a visit with the CMRL team, they expressed interest in financing upcoming projects in Madurai and Coimbatore.
More Details:
The Asian Infrastructure Investment Bank (AIIB) has embarked on a periodic review mission for the Phase II project in Chennai, which it is actively funding. Demonstrating a forward-looking vision, the AIIB team is not only reviewing the current project’s progress but also exploring investment opportunities in new projects. They have expressed interest in financing upcoming initiatives in Madurai and Coimbatore and are conducting preliminary site visits to these locations alongside the Chennai Metro Rail Limited (CMRL) team to assess their potential for future investments.
Mr .T. Archunan Director-Projects of CMRL, Mr. Wenyu Gu Senior Transportation Specialist from AIIB, Tmt. Rekha Prakash Chief General Manager-Planning of CMRL and other officials visiting the site. Other multilateral banks are also showing similar interest. However, it is the Ministry of Finance, GoI that will in due course decide on the financial institution. GoTN has already sent proposals to GoI in March this year, requesting for International Finance funding.
Chennai Metro Phase II Funding Details:
- Funding for a portion of Chennai Metro Rail in Phase II (i.e. 52.01 Km, i.e. Madhavaram Sholinganallur of Corridor 3 and Madhavaram CMBT of Corridor 5) has been tied up with JICA as State Sector Project.
- Balance portion of Funding (66.89 Km): The Screening Committee of DEA has accorded in principle approval for funding of entire Corridor-4 and balance section of Corridor 3 &5 and posed for funding from Multilateral Banks i.e ADB, AIIB & NDB.
- Multilateral Banks have completed their preliminary Mission programme and detailed discussion with MDBs is under progress.
Chennai Metro Phase II Details:
- Phase II expansion has been planned for a length of 118.9 Km network with 128 nos. of Stations.
- It consists of three Corridors i.e. Corridor -3 From Madhavaram to SIPCOT (45.8 Km), Corridor -4 From Lighthouse to Poonamalle Bypass (26.1 Km), Corridor-5- From Madhavaram to Sholinganallur (47 Km).
- The estimated cost of the project is 63246/- Cr (Rupees Sixty three thousand two hundred and forty six only) (including IDC).
- This proposal is under the process and approval of the Government of India. The project is proposed to be completed by the end of 2026.
Conclusion:
The development marks the increasing interest among various international financial institutions regarding funding of the projects in the state of Tamil Nadu, resulting from the success of Chennai Metro Rail Limited (CMRL) in developing robust metro infrastructure in a reliable, sustainable and efficient manner.
Source: CMRL – Press Release | Images Credit: CMRL
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