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Japan International Cooperation Agency (JICA) has extended Official Development Assistance (ODA) loan of ₹4,710 crore for Chennai Metro Rail Project Phase 2. It signed a loan agreement with the Centre on Thursday in this regard.
The project aims to not only inter-connect existing metro networks for providing a seamless ride to commuters but to cope up with increased traffic congestion and road accidents in Chennai. In addition, regional economic development will be promoted by expanding the mass rapid transportation system in the region.
Madhavaram Milk Colony to Sholinganallur and to CMBT
The project is envisaged to develop an additional Metro Rail System network of about 51 km that includes Corridor 3 from Madhavaram Milk Colony to Sholinganallur, and Corridor 5 from Madhavaram Milk Colony to CMBT. It would help in mitigating the increasing traffic, enabling a shift from the road traffic to the public transportation system. This will also create lesser traffic related pollution and lead to an environment friendly future, says a JICA release.
Once the project is completed, Corridor 3 will provide improved access to public transport for dense population clusters, predominantly of industrial workers, who move towards the central business districts of the city for work. On the other hand, Corridor 5 will cover the central business district, residential, and institutional complex of the Chennai Metropolitan Area.
Cumulatively, JICA has extended ODA loans of ₹107,505 crore to develop metro rail systems in Chennai, Bengaluru, Kolkata, Delhi, Mumbai and Ahmedabad, the release added.
JICA also signed an agreement to provide an ODA loan of around ₹680 crore for Tamil Nadu Biodiversity Conservation and Greening Project for Climate Change Response. The project aims to mitigate and adapt to climate change and improve the ecosystem thereby contributing to sustainable socio-economic development in Tamil Nadu.
Tamil Nadu Forest Department will implement the project, which consists of the five components - Ecosystem-based climate change measures; Human wildlife conflict measures, Promoting supply chain development, Livelihood improvement activities, and Management capacity development.
The loan agreement for both was signed between Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance and SAITO Mitsunori, Chief Representative, JICA India.
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