Per the updated website of the Asian Development Bank (ADB), the bank on June 19 cleared a project concept to officially begin evaluation on a $780 million (approx. Rs. 5890 crore) loan for the 118.9 km Chennai Metro Phase 2 project.
The proceeds of ADB’s loan to Chennai Metro Rail Ltd. (CMRL) will directly go towards developing the 45.81 km Line-3’s 10.13 km elevated section between Sholinganallur and SIPCOT and the 26.09 km Line-4’s 10 km underground section between Lighthouse and Meenakshi College.
Key Loan Dates:
|Loan Activity / Decision||Date|
|Concept Clearance||19 Jun 2020|
|Fact Finding||24 Aug 2020 to 31 Aug 2020|
|Management Review Meeting (MRM)||11 Dec 2020|
The rest of Line-3 (Madhavaram – Sholinganallur), which is largely underground with a route length of 26.72 km, will be partly financed by Japan International Cooperation Agency (JICA) through a 75.519 billion yen (approx Rs. 5250 crore) loan. Tenders/bids for the construction of its tunneling works were invited in January 2020 and the last date to submit bids was recently extended to September 9.
The rest of Line-4 (Meenakshi College – Poonamallee Bypass), which is entirely elevated with a length of 16 km, is planned to be partly financed by the Asian Infrastructure Investment Bank (AIIB) through a $356.65 million (approx. Rs. 2700 crore) loan. The proceeds of that loan will also be used to finance the construction of 7 underground stations on the above Lighthouse – Meenakshi College section.
Here’s the ADB’s project description:
The Chennai Metro Rail Investment Project will contribute in the expansion of the existing metro rail network in Chennai, the capital city of Tamil Nadu, a state on the south-east coast of India. The investment project will develop Lines 3 and 4, connecting the central area of Chennai to key points in the south and west of the city.
The Chennai Metro Rail Ltd. (CMRL), mandated to implement the Chennai Metro, has requested financial assistance from ADB for the development of the elevated section from Sholinganallur to SIPCOT (10.13 km) of line 3, and the underground section between Lighthouse and Meenakshi College (10.0 km) of line 4.
Through an attached technical assistance, the project will strengthen CMRL’s capacity in non-farebox revenue generation, transit-oriented development, and first- and last-mile connectivity enhancement.
ADB’s initial poverty and social analysis can be viewed here.
For more updates, check out the Chennai section of The Metro Rail Guy!