The Japan International Cooperation Agency (JICA) has extended nearly Rs 9,000 crore as concessional loans for the Chennai Metro Rail project.
JICA provides assistance in forms of loans, grant and technical cooperation so that the emerging countries can strengthen the capabilities.
"For the Chennai Metro Rail project, JICA has extended 150,274 million Japanese Yen (approximately Rs 9,000 crore) in concessional ODA - official development assistance loan, over four tranches since 2008", a press release said.
The funding was for the development of around 45kms metro rail system in Chennai under the Phase I.
"The cumulative loan amount for the project will increase to 183,595 million Japanese Yen aproximately Rs 11,000 Crore", it said.
Yesterday, the first underground metro rail service from Thirumangalam to Nehru Park was launched by Union Urban Development Minister M Venkaiah Naidu and Chief Minister K Palaniswami here.
"The newly inaugurated underground section showcases the achievement of JICA towards better life and social innovation of the citizens of Chennai and Government of Tamil Nadu", JICA India Office, Chief Representative, Takema Sakamoto said.
The Phase I project is expected to have over 800 trains running in either direction every day, transporting seven lakh people by 2021, it said.
Embassy of Japan, Economic and Development, Kenko SONE, Consulate General of Japan, Consul General, Seiji BABA, JICA India Office, Representative, Sho Naya were those present during the launch of first underground service, the release added.
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