NDB approves USD 346.72 million loan for Corridor 4 of Chennai Metro Phase-II

The Board of Directors (Board) of the New Development Bank (NDB) held its 38th Meeting in a virtual format and approved various project proposals including Corridor 4 of Phase II of Chennai Metro Rail Project worth USD 346.72 million.

More Details:

  • The Board approved a loan of up to USD 346.72 million to the Republic of India for  the Corridor 4 of Phase II of Chennai Metro Rail Project.
  • The Project consists of constructing a new metro line (Corridor 4) in Chennai with a total length of about 26.8 km, providing connectivity between the eastern and western parts of the city.
  • The Project will increase productivity and improve the quality of life in Chennai Metropolitan Area by providing an efficient, safe and environmentally friendly public transit system.

Chennai Metro Phase-2:

  • 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). The project is proposed to be completed by the end of 2026.

About NDB:

  • The New Development Bank was established with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging market economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

About CMRL:

  • The Chennai Metro is a rapid transit system serving the city of Chennai, Tamil Nadu, India. The Chennai Metro Rail Limited (CMRL), a joint venture between Government of India and the Government of Tamil Nadu, operates the Chennai Metro. It is the third longest metro system in India after Delhi Metro and Hyderabad metro.
  • The Phase-I of Chennai Metro Rail project covers a length of 45.046 km network and consists of two corridors i.e. Corridor-I (Blue Line) – From Washermenpet to Airport (23.085 Km), Corridor -2(Green Line) – From Chennai Central to St. Thomas Mount (21.961 km).
  • About 55% of the corridors in Phase-I are underground and the remaining elevated. Out of 32 nos of stations 13 nos are elevated stations and the remaining 19 nos are underground stations.
  • Inter corridor interchange stations are available at Alandur (Elevated) station and Chennai Central (Underground) station respectively. The system commenced service in 2015 after partially opening the first phase of the project.

Source: NDB- Press Release | Image Credit (representational): CMRL