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AIIB approves 2668 crore loan for Chennai Metro Phase-2 Project

The design and construction of the project will have environmentally friendly features to help reduce its carbon footprint

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Asian Infrastructure Investment Bank approves 2668 crore loan for Chennai Metro Phase 2
Photo Copyrighted: Metro Rail News
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Metro Rail News Magazine

CHENNAI, INDIA (Metro Rail News): On Tuesday, the Asian Infrastructure Investment Bank (AIIB) approved a $356.67-million, which is approximately 2688 crores (INR) loan from the Indian Government to support the expansion of the metro rail network in Chennai. This work involves the construction of a new corridor as part of Phase 2 of the Chennai Metro Rail. “The new Corridor-4 of Chennai Metro is 25 kilometers long, where we fund the first 16 kilometers,” said D.J. Pandian, AIIB’s vice president of investment, who chaired Tuesday’s signing ceremony was held almost immediately.

“This project is in line with AIIB’s mission to support high quality and sustainable infrastructure. The development and integration of the transport sector in Chennai will boost trade and economic growth,” he added.

The design and construction of the project will have environmentally friendly features to help reduce its carbon footprint. In addition to the solar panels installed on the roof of the high stations, the project will have dedicated areas for green bikes and cars as well as environmental awareness signs. The project also incorporates climate change mitigation measures to reduce its risk of climate change.

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Earlier on Tuesday, Beijing’s central bank promised to combine its operations with the Paris Agreement on Climate Change on July 1, 2023, as it begins its sixth annual conference, a three-day event hosted by the United Arab Emirates from October 26-28.

Pandian also listed other transport projects in Chennai supported by the AIIB. “The $400 million Chennai Metro Corridor-5 is already at the bottom of the pipeline in the advanced phase of the project approval process. We are also working on a few other transport projects in Chennai, including the $ 300 million Chennai Outer Ring Road project,” Pandian said. In line with AIIB’s vision for the promotion of environmentally friendly projects, the bank also funds metro rail projects in Egypt and Turkey.

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