Tamil Nadu government allocates Rs 3,100 crore for Chennai metro phase-2

CHENNAI: In a major push to one of the city's most ambitious transport projects, the state has allocated 3,100 crore for 2020-21 for construction of Chennai Metro Rail Project's phase-2 spanning across 118.9km. The state has also requested the Centre to approve funding for the project and provide 50% equity share capital as was done for phase-1 of the project. "In the budget estimates for 2020-21, a sum of 3,100 crore has been allocated for the Chennai Metro Rail Project as share capital assistance, subordinate debt and pass-through loan assistance," said deputy chief minister O Panneerselvam. During the 2019-20 budget, the state allocated 2,681 crore for the phase-2 project as share capital and debt.

Funding from Japan International Co-operation Agency (JICA) has been obtained for a stretch of 52.01km from Madhavaram to Sholinganallur and from Madhavaram to Chennai Mofussil Bus Terminus (CMBT). Detailed designs are ready and construction work on the project will begin shortly. Financing from multilateral agencies including Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and New Development Bank is being firmed up for the remaining stretches of phase-2 from CMBT to Sholinganallur, Sholinganllur to SIPCOT, Siruseri and from Light House to Poonamallee bypass. "Chennai now has a fully functional metro rail system but to derive the benefits of a modern mass transit system, it is essential that the reach of the network is further extended. Hence, the government accords high priority to the speedy implementation of the three metro rail corridors of a total length of 118.9km, identified in phase-2 of the Chennai Metro Rail Project," Panneerselvam said.

Source: https://realty.economictimes.indiatimes.com/news/infrastructure/tamil-nadu-government-allocates-rs-3100-crore-for-chennai-metro-phase-2/74146992

February 15, 2020

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