Chennai Metro to get $356 mn loan from AIIB

 

Image Source: Internet

Chennai, India (Metro Rail Today): The Asian Infrastructure Investment Bank (AIIB) has approved a $356.67 million loan for the expansion of the Chennai Metro Rail System. AIIB has approved 28 projects amounting to $6.7 billion in India. The projects are  with the energy and transport sectors having received the share of the institution's financing. Phase-2 of the Chennai Metro Rail will span the area from the Lighthouse in the east to Poonamalee Bypass in the west. This will ensure seamless multimodal transport across Chennai, by providing joint access to suburban rail, bus stations and the city’s main airport.

D J Pandian (Vice President, Investment Operations, AIIB) said,

This project is aligned with AIIB’s mandate to support high-quality and sustainable infrastructure. The improvement and integration of the transport sector in Chennai will further promote trade and economic growth.

The design and construction of the project will have environment friendly features to help reduce its carbon footprint. In addition, to solar panels installed on the roofs of the elevated stations, the project will have dedicated spaces for bicycles and green vehicles. The project also integrates climate change resilience features to reduce its vulnerability to climate-related events. The project will be implemented by the Chennai Metro Rail Limited.

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