TN approaches international agencies to fund Kovai, Madurai metro rail work

Officials from the AIIB and CMRL will visit Madurai and Coimbatore on Wednesday and Thursday and hold inspections before taking a call on funding the projects.
Image used for representational purposes only
Image used for representational purposes only

COIMBATORE: With the union government delaying funds for Metro Rail projects in Chennai, Coimbatore and Madurai, the Tamil Nadu government plans to take loans from the AIIB and go ahead with the works.

Sources told TNIE that the government is working with international financial institutions to fund Metro Rail projects in Coimbatore and Madurai. A meeting was held between officials of CMRL and AIIB in Chennai on Tuesday.

Officials from the Asian Infrastructure Investment Bank (AIIB) and CMRL will visit Madurai and Coimbatore on Wednesday and Thursday and hold inspections before taking a call on funding the projects.

The state had announced metro rail projects for Coimbatore and Madurai and prepared DPRs. According to announcement made in the budget last year, the DPRs for Metro Rail along Avinashi and Sathyamangalam Road in Coimbatore at a cost of Rs 10,740 crore, and one in Madurai connecting Thirumangalam and Othakkadai at Rs 11,368 crore have been sent to the MoHUA Ministry for approval.

Sources said with the centre silent over the state’s request for 50:50 funding for the Rs 63,246 crore second phase of Chennai Metro project, covering 119 km, it is being executed by the state from its own resources and loans. Questions remain whether the union government will consider similar request for Coimbatore and Madurai.

An official from CMRL said, “There are many financial institutions that provide loans and AIIB is one of them. Representatives from AIIB will conduct an on-site inspection of routes that are proposed. Later, they will take part in a meeting with the government’s finance department secretary on Friday and take a final call.”

MPs flay centre over funds

Chennai: DMK Rajya Sabha MPs P Wilson and Kanimozhi NVN Somu criticised the union government on Tuesday for not allocating funds for the Chennai Metro Rail Phase-II project. During a discussion on the motion of thanks to the President’s address, Kanimozhi NVN Somu said just before the 2021 Assembly election, the PM announced a record sanction of Rs 63,000 crore for the project. By July 2024, not even a single rupee had been allocated by the union government for this project.

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