AIIB financing $800-mn Phase-II of Chennai metro

The Asian Infrastructure Investment Bank (AIIB) has decided to finance $800 million for the 4th corridor of phase-II of the Chennai Metro. AIIB is ready to implement a loan of $438.75 million to the Chennai Metro project for the civil construction work of the Chennai Metro's 47 km Line-5's 26 km segment connecting CMBT with Sholinganallur, and $356.65 million to support the 26.1 km Line 4 connecting Lighthouse to Poonamallee Bypass. Since AIIB is a multilateral development bank, the clause would help Indian companies along with adhering to the PM's call of going Vocal to make Local, and Make in India as the move will develop and promote Indian partners as well as Indian investors and help countrymen to attain self-sufficiency. The clause should be entered while taking loans from all the multilateral development banks, and in the tender report, the FM has also declared that the global bids will not be called for projects up to ₹200 crore investments. In a related development, the New Ashok Nagar and Sahibabad sections of the Delhi-Meerut RRTS corridor involving the construction of 5.6 km underground tunnelling section will also be awarded.