 "JICA extends another Rs 1,180 crore to Chennai Metro project")
Japan International Cooperation Agency (JICA) today extended Official Development Assistance Loan (ODA) of 19,981 million Japanese Yen (around Rs 1,180 crore) to the Chennai Metro Rail Ltd. (CMRL) for construction of Chennai Metro.
The assistance from JICA will facilitate construction of underground tunnels, rail-tracks, electrical, telecommunication and signalling systems, procurement of the trains and consultancy service.
The ODA loan's conditions are concessional, i.e. 1.4% of interest rate and 30 years of repayment period (including 10 years of grace period).
With the signing of this loan agreement for Chennai Metro Project, the cumulative loan amount provided by JICA for metro projects in India (including Delhi, Bengaluru, Kolkata, Mumbai and Ahmedabad Metro's) has exceeded 1 trillion Japanese Yen (around Rs 59,071 crore).
The agreement was signed between Takema SAKAMOTO, Chief Representative, JICA India Office and S Selvakumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India at Ministry of Finance.
The project will provide the Metro Rail System network of approx. 45 km from Washermenpet to Chennai Airport (Corridor 1) and Chennai Central to St. Thomas Mount (Corridor 2). The project would include the construction of nineteen underground and thirteen elevated stations of Corridor 1 &2.
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It will cover the center business district area and residential and cum institutional complex area of Chennai Metropolitan Area. The metro line from Koyambedu to Alandur of Corridor 2 (10kms), covering seven elevated stations, started commercial operations in June 2015. In 2016, the other stretches will be commissioned, and Chennai Airport will be connected by metro.
Once completed the Chennai metro project is expected to have over 260 trains running in either direction each day, transporting an estimated 60 lakh people each day. The Chennai Metro is integrated with other forms of public and private transport including buses and sub-urban trains to facilitate seamless travel by commuters.
JICA extended 130,293 million Japanese Yen (around Rs 7,697 crore) in concessional ODA loans over three tranches since 2008 for development of a 45 kms metro rail system in Chennai. By adding this loan, the cumulative loan amount for Chennai Metro Project becomes JPY 150,274 million (around Rs 8,877 crore).
JICA extended 337,796 million Japanese Yen (around Rs 19,954 crore) in ODA loans since 1981 for all-round development in Tamil Nadu.
JICA has also been implementing technical cooperation for enhancement of Chennai port operations and Master Plan Study of Chennai-Bengaluru Industrial Corridor, among others, and extended grant aid of 2,162 million Japanese Yen (around Rs 128 crore) for enhancement of facilities at Institute of Child Health and Hospital for Children (ICH) in Chennai.