AIIB is likely to fund $800 million for the 4th corridor of Chennai Metro phase-II

The clause should be entered while taking loans from all the multilateral development banks and in the tender report, according to official sources

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CHENNAI (Metro Rail News): Asian Infrastructure Investment Bank (AIIB) is expected to finance $800 million for the 4th corridor of phase-II of Chennai Metro, the govt should add the ‘Make in India’ clause in the tender report, officials urged.

As Shanghai Tunnel Engineering Co. (STEC) appeared as the lowest bidder for the New Ashok Nagar and Sahibabad of Delhi-Meerut RRTS corridor construction having a distance of 5.6 km underground section. According to the sources, it is just to understand the ‘Make in India’ if included in the tender report will require limitations on Chinese bidders.

According to the officials, since AIIB is a multilateral development bank, the clause would help Indian companies and in creating jobs for Indians along with adhering to Prime Minister’s call of ‘Go Vocal, make Local’.

‘Make in India’ will develop and promote Indian partners as well as Indian investors and help Indians attain self-sufficiency will be more relaxed for managing the Indian bidders, as per the sources in DPIIT.

The clause should be entered while taking loans from all the multilateral development banks and in the tender report, according to official sources.

It is seen that the 23rd of June meeting will review the Action Taken Report also pertaining “Atmanirbhar Bharat”. Since Finance Minister has also declared that in govt tenders global bids will not be called up to Rs.200 cr, the meeting would mainly focus on multiple elements of Central Govt entities that should be referenced from local/domestic suppliers only such as metro companies and smart cities.

Beijing-based Asian Infrastructure Investment Bank (AIIB) has ready to implement a loan of $438.75 million to Chennai Metro project for the civil construction work of Chennai Metro’s 47 km Line-5’s 26 km segment connecting CMBT with Sholinganallur and $356.65 million to support the 26.1 km Line 4 connecting Lighthouse to Poonamallee Bypass.

Officials said the reason and stressed the need of inclusion of ‘Make in India’ clause in the tender report for Chennai Metro’s Corridor 4 of so that local industry and local manpower could help.

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