CHENNAI (Metro Rail News): Japan International Cooperation Agency (JICA) has signed a loan agreement with the Government of India to provide Japanese Official Development Assistance (ODA) loan amounting to ₹4,710 crores for the construction of the Chennai Metro Rail Phase II project.
Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Union Ministry of Finance and Saito Mitsunori, Chief Representative, JICA India, signed the agreement.
The aim of this project is to interconnect existing metro networks to provide a seamless ride to commuters and also to solve increased traffic congestion and road accidents in the city. Moreover, regional economic development will be promoted by expanding the mass rapid transportation system in the Chennai region.
This project is predicted to develop an additional Metro Rail System network of approximately 51 km, which includes Corridor 3 from Madhavaram Milk Colony to Sholinganallur and Corridor 5 from Madhavaram Milk Colony to CMBT which would help in cutting down the increasing road traffic, leading to a shift in the public transportation system. This will reduce traffic-related pollution.
Mr. Mitsunori, Chief Representative, JICA India office, said, “Upon completion of the project, the Chennai Metro would ensure comfortable, reliable and greener transport for the citizens. JICA is proud of its partnership with CMRL. As traffic congestion in Chennai is increasing, Chennai Metro will play a pivotal role in addressing vehicular pollution and traffic accidents by further promoting the modal shift from road traffic to public transportation. We strongly hope that the new loan supports CMRL in strengthening its operational structure, providing a convenient mode of transportation to the citizens.”