JICA, Govt. of India signs ₹4,710 crores ODA loan for Chennai Metro Rail Project Phase 2

MRT Online Desk Posted on: 2022-04-13 08:05:00 Viewer: 522 Comments: 0 Country: India City: Chennai

JICA, Govt. of India signs ₹4,710 crores ODA loan for Chennai Metro Rail Project Phase 2

New Delhi, India (Metro Rail Today): Japan International Cooperation Agency (JICA) signed a loan agreement with the Government of India to provide Japanese Official Development Assistance (ODA) loan amounting to JPY 73,000 million (approximately Rs 4,710 crore) for the construction of Chennai Metro Rail Project Phase 2) on March 31, 2022.

The project aims to not only inter-connect existing metro networks for providing a seamless ride to commuters but to cope up with increased traffic congestion and road accidents in Chennai. In addition, regional economic development will be promoted by expanding the mass rapid transportation system in the Chennai region.

This project is envisaged to develop an additional Metro Rail System network of approx. 51 km that includes Corridor 3 from Madhavaram Milk Colony to Sholinganallur, and Corridor 5 from Madhavaram Milk Colony to CMBT. It would help in mitigating the increasing traffic, enabling a shift from the road traffic to the public transportation system. This will also create lesser traffic-related pollution and lead to an environmentally friendly future.

The loan agreement was signed between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, Government of India and SAITO Mitsunori, Chief Representative, JICA India.

Speaking on this occasion, Mr. SAITO Mitsunori, Chief Representative, JICA India Office said, 

Upon the completion of the project, the Chennai metro system would ensure comfortable, reliable and greener transport for the citizens. JICA is proud of its partnership with CMRL. As traffic congestion in Chennai is increasing, Chennai Metro will play a pivotal role to address the issues such as vehicular pollution, and traffic accidents, by further promoting the modal shift from road traffic to public transportation. We strongly hope that the new loan also supports CMRL in further strengthening its operational structure, providing a convenient mode of transportation to the citizens.

Once the project is completed, Corridor 3 will provide improved access to public transport for dense population clusters, comprising predominantly of industrial workers, who move towards the central business districts of the city for work. On the other hand, Corridor 5 will cover the central business district, residential, and institutional complex of the Chennai Metropolitan Area.

Cumulatively, JICA has extended ODA loans of over 1.6 trillion Japanese yen (approximately Rs 107,505 Crore) to develop metro rail systems in Chennai, Bengaluru, Kolkata, Delhi, Mumbai and Ahmedabad.

(Exchange Rate: INR 1/-=JPY 1.55/-)

  




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