CHENNAI: The Japan International Cooperation Agency (JICA) signed a loan agreement with the Union government to provide a Japanese Official Development Assistance (ODA) loan amounting to JPY 73,000 million (approx Rs 4,710 crore) to construct Phase 2 of the Chennai Metro Rail Project.
The project is envisaged to develop an additional Metro rail system network of about 51 km. The loan agreement was signed between Rajat Kumar Mishra, additional secretary, Department of Economic Affairs, Ministry of Finance, and Saito Mitsunori, chief representative, JICA India.
Once completed, Corridor 3 will provide improved access to public transport. Cumulatively, JICA has extended ODA loans of over 1.6 trillion Japanese yen to develop Metro rail systems in Chennai, Bengaluru, Kolkata, New Delhi, Mumbai and Ahmedabad.