JICA injects Rs.9,000-cr in Chennai metro

In yet another booster to the country’s metro network, the Japan International Cooperation Agency (JICA) has extended Rs.9,000 crore as concessional loans for the Chennai Metro Rail Project. The multilateral agency provides assistance in the form of loans, grant, and technical cooperation, so that the emerging countries can strengthen the capabilities. For the Chennai Metro Rail Project, JICA has extended 1,50,274 million Japanese Yen to the tune of Rs.9,000 crore in concessional ODA, the agency said in a media statement, claiming that the funding was for the development of around 45 km metro rail system in Chennai under the Phase I. The cumulative loan amount for the project will increase to 1,83,595 million Japanese Yen (Rs.11,000 Crore). It may be recalled that recently the first underground metro rail service from Thirumangalam to Nehru Park was launched and the newly inaugurated underground section showcases the achievement of JICA towards better life and social innovation of the citizens of Chennai and Government of Tamil Nadu.