JICA to provide Rs. 20,000-cr funding to Chennai Metro.

The Japan International Cooperation Agency (JICA) has agreed to provide a loan assistance of Rs. 20,196 crore to the second phase of the Chennai Metro Rail project. The agency has approved funding the stretches between Madhavaram to Sholinganallur (35.67 km) and Madhavaram and CMBT (16.34 km). The total length is 52.01 km and the estimated cost of this is Rs. 40,941 crore. As part of this approval, the loan agreement for providing the first tranche under the official development assistance (ODA) loan of 75,519 million Japanese yen (approximately Rs. 4,770 crore) was recently signed.

On the total length of second phase of the 108-km Chennai Metro, a ground level work will begin soon. The 108-km network is expected to become operational by 2024. The second phase will have three stretches – Madhavaram to Siruseri, Light House to Meenakshi College, and Madhavaram to Shollinganallur – according to Metro Rail sources.

The entire part of the total 119-km stretch is expected to cost less than Rs. 80,000 crore. JICA will provide fund of Rs. 20,196 crore to the first part of the 52-km second phase. According to sources, this 52.01-km stretch will likely to have more than 55 stations across the Madhavaram- Sholinganallur and Madhavaram-CMBT sections. CMRL has already begun the soil test for this purpose. It is expected to have both elevated and underground stations. A detailed project report, including the design process, is underway and finer details would emerge in near future, said sources.

The project is expected to not only de-congest the Chennai city, but will also provide a platform for equal and balanced development of the city and help keep pollution levels low. It may be recalled that the JICA has funded around Rs. 11,000 crore to the first phase of Chennai Metro’s 53-km stretch.

THE FINANCIAL EXPRESS