CHENNAI : Japan International Cooperation Agency (JICA) has extended Official Development Assistance Loan (ODA) worth Rs 2,000 crore to Chennai Metro Rail for Phase I Extension project from Washermanpet to Wimco Nagar.
The project will provide the additional Metro Rail System network of approximately 9 km as an extension of Corridor 1 from Washermanpet to Wimco Nagar. This is in addition to approximately 45 km in the existing project from Washermanpet to Chennai Airport (Corridor 1) and Chennai Central to St. Thomas Mount (Corridor 2).
The extension of Corridor 1 connects growing northern part of Chennai (i.e. Korukkupet, Tondiarpet, Tiruvottriyur, etc.) with Chennai Central area. The Chennai Metro is integrated with other forms of public and private transport, including buses and suburban trains to facilitate seamless travel by commuters.
Chennai Metro Rail sources said funds have come at a time when work is being carried out in the 3.2 km stretch from Tollgate-Thangal-Tondiarpet and Gowri-Ashram-Wimco Nagar-Tiruvottriyur.
The agreement was signed between Takema Sakamoto, Chief Representative, JICA India Office and S Selvakumar, Joint Secretary, Department of Economic Affairs, Union Finance Ministry.
JICA has extended 150,274 million Japanese Yen (approximately INR 9,000 crore) in concessional ODA loans over four tranches since 2008 for the development of around 45 km metro rail system. By adding this loan, the cumulative loan for Chennai Metro Project currently amounts to 183,595 million Japanese Yen.