ADB, India sign USD 350 million loan to expand metro rail network in Chennai
Jan 04, 2023
New Delhi [India], January 4 : The Asian Development Bank (ADB) and the government of India have signed a USD 350-million loan to build new lines and improve the connectivity of the metro rail system in Chennai with the city's existing public transport system.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Nilaya Mitash, Officer-in-Charge, India Resident Mission, ADB, have signed the agreement of the tranche 1 loan for the Chennai Metro Rail Investment Project. The tranche 1 loan is part of the USD 780 million multi-tranche financing facility (MFF) for the project approved by ADB on December 8, 2022, to develop three new metro lines in Chennai.
After signing the loan agreement, Mishra stated that the project would help expand connectivity of Chennai's central areas to major destinations in the south and west of the city and integrate the metro system with existing bus and feeder services to benefit thousands of daily commuters.
"Beside expanding the metro network in Chennai, ADB's support will facilitate better integration between inclusive urban renewal measures and urban mobility improvements through transit-oriented development (TOD)," said Mitash. "Such integration will improve access to jobs and socioeconomic services, curb urban sprawling, and reduce dependency on motorized vehicles that will make the city more livable," he said.
The investment project supports the development of three new metro lines -- 3, 4, and 5. For line 3, the project will construct 10.1 kilometres (km) of the elevated section between Sholinganallur to State Industries Promotion Corporation of Tamil Nadu-2, including nine metro stations and system components.
For line 4, the project will help construct 10 km of the underground section between Lighthouse and Meenakshi College including nine stations.
For line 5, it will finance 31 km of system components, such as electrical, mechanical, power, and telecommunication infrastructure, between Chennai Mofussil Bus Terminus and Okkiyam Thoraipakkam.
A statement from the ministry of finance released on Tuesday said the stations would incorporate disaster- and climate-resilient features and would be responsive to the needs of the elderly, women, children, differently-abled, and transgender people.
The ministry said multimodal interchanges and facilities would be established along metro rail corridors to improve commuters' experience such as drop-off and pick-up areas, sheltered waiting areas, bicycle facilities, and passenger information.
According to the ministry of finance, an additional USD 1-million ADB technical assistance (TA) grant will help the Chennai Metro Rail Limited with the planning and management of the metro system's multimodal integration.
