In a big boost to the Metro rail projects in Chennai, the Asian Development Bank (ADB) and the central government signed a USD 350-million loan agreement. The fund will be used to set up multi-modal transit facilities and improve the Metro network in the capital city of Tamil Nadu.
The loan is part of the USD 780 million multi-tranche financing facility (MFF) for the project approved by the ADB on December 2022 to develop three new metro lines in Chennai.
According to the Additional Secretary of the Department of Economic Affairs under the Ministry of Finance, Rajat Kumar Mishra, who signed the loan agreement, the project will help expand the connectivity of Chennai’s central areas to major destinations in the south and west of the city.
The projects with the funding will also integrate the metro system with existing bus and feeder services to benefit thousands of daily commuters.
“Besides expanding the metro network in Chennai, ADB’s support will facilitate better integration between inclusive urban renewal measures and urban mobility improvements through transit-oriented development (TOD). Such integration will improve access to jobs and socioeconomic services, curb urban sprawling, and reduce dependency on motorized vehicles that will make the city more livable,” Officer-in-Charge of ADB’s India Resident Mission Nilaya Mitash added.
The investment project supports the development of three new metro lines—3, 4, and 5.
- For Line 3, the project will construct 10.1 kilometers (km) of the elevated section between Sholinganallur to State Industries Promotion Corporation of Tamil Nadu-2, including 9 metro stations and system components.
- For line 4, the project will help construct 10 km of the underground section between Lighthouse and Meenakshi College including 9 stations.
- For Line 5 it will finance 31 km of system components, such as electrical, mechanical, power, and telecommunication infrastructure, between Chennai Mofussil Bus Terminus to Okkiyam Thoraipakkam.
The Ministry of Finance in a statement said further said the stations will incorporate disaster- and climate-resilient features and will be responsive to the needs of the elderly, women, children, differently abled, and transgender people.