AIIB To Provide Financial Aid For Phase-II Of Chennai Metro
The Asian Infrastructure Investment Bank (AIIB) will provide financial assistance of USD $320 million (nearly Rs 2,306 crores) to start construction of 18 km long elevated metro corridor of Phase-II of Chennai Metro Rail project.
The Metro corridor will be constructed between Meenakshi College in Kodambakkam and Poonamallee Bypass. The 18 km stretch between Meenakshi College and Poonamallee bypass is part of 26.1 km corridor of Chennai Metro’s Phase-II, which will connect from Light House to Poonamallee Bypass. The Asian Development Bank (ADB) will fund the rest of the corridor between Light House and Meenakshi College, covering around 8 km.
The construction of the 52 km long corridor in Phase-II of the Chennai Metro is expected to begin in June 2020. The corridor consists of two underground sections - from Venugopal Nagar in Madhavaram to Kellys, covering 9 km stretch and from Kellys to Taramani Road Junction, covering a 12 km route. The Japanse financial agency, the Japan International Cooperation Agency, (JICA) will provide financial assistance for this stretch.
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