JICA extends ODA loan of 19,981million Japanese Yen for the ChennaiMetro Project
JICA extends ODA loan of 19,981million Japanese Yen (approx. INR 1180crore) for
the ChennaiMetro Project
The assistance will further contribute to mitigate the traffic
congestion and air pollution
in the metropolitan area
New Delhi/Chennai, March 4, 2016:
Japan International Cooperation Agency (JICA)today has extended Official
Development Assistance Loan (ODA)of 19,981million
Japanese Yen (approximately INR 1180 crore) to the Chennai
Metro Rail Ltd. (CMRL)
for construction of Chennai Metro. The ODA loan's
conditions are very concessional, i.e. 1.4% of interest rate and 30 years of
repayment period (including 10 years of grace period). The
assistance from JICA will facilitate construction of underground tunnels, rail-tracks, electrical,
telecommunication and signalling systems, procurement of the trains and consultancy service.
India is
JICA’s largest partner in the world. With the signing of this loan agreement
for Chennai Metro Project, the cumulative loan amount provided by JICA for
metro projects in India (including Delhi, Bengaluru, Kolkata,Mumbai and
Ahmedabad Metro’s) has exceeded 1 trillion Japanese Yen(approximately INR 59071
crores).
The
agreement was signed between Takema SAKAMOTO, Chief Representative, JICA India
Office and S. Selvakumar, Joint
Secretary, Department of Economic Affairs, Ministry of Finance,
Govt. of India at Ministry of Finance.
The
project will provide the Metro Rail System network of approx. 45 km from Washermenpet to Chennai Airport (Corridor 1)
and Chennai Central to St. Thomas Mount (Corridor 2). The project would include the construction of nineteen underground and thirteenelevated stations of Corridor 1 &2. It will
cover the center business district area and residential and cum institutional
complex area of Chennai Metropolitan Area.The metro line from Koyambedu to Alandur of Corridor 2 (10km), covering
seven elevated stations, started commercial operations in June 2015. In 2016,
the other stretches will be commissioned, and Chennai Airport will be connected
by metro.
The
completion of the metro will mitigate the impacts caused by mounting traffic in
Chennai such as increased traffic congestion, air pollution, road accidents and
journey time. Development of metro in Chennai will
provide safe, timely and comfortable travel with high reliability of services to the citizens, as a typical example of high quality infrastructure.
The
Executing agency for the project is Chennai Metro Rail Limited (CMRL).
Speaking on the
occasion, Mr. Takema SAKAMOTO, Chief Representative, JICA
India Office said, "JICA has been promoting development of economic infrastructure which
facilitates sustained growth. Chennai metro will mitigate traffic congestion
and enhance ease of travel; and reducing traffic congestion and air pollution raises
local economic output and improve quality of
life significantly. Opening of the first metro line by Chennai Metro Rail
Limited is a giant stride towards fulfilling Chennai Metro's mission of
providing safe, fast, reliable, accessible, convenient, comfortable, efficient,
affordable and sustainable public transport service that is preferred by
all."
Once completed the
Chennai metro project is expected to have over 260 trains running in either
direction each day, transporting an estimated 60 lakh people each day. The
Chennai Metro is integrated with other forms of public and private transport
including buses and sub-urban trains to facilitate seamless travel by
commuters.
Advanced
technology and systems will reduce the total life cycle cost (LCC) including operation and maintenance stage. In addition, the cooperation in urban rail sector with advanced technology
enhances the development of human resources in India.
The metro provides
safe and reliable service for female and vulnerable passengers such as the
seniors and persons with disabled, by installing CCTV, intercoms for emergency
communication, courtesy seats, women-only
passenger car, space for wheelchairs in cars, textured paving blocks and lifts
in platforms.
JICA has extended
130,293 millionJapanese Yen (approx. INR 7697crore) in concessional ODA loans over three tranches since 2008 for development of a 45 km metro rail system in Chennai. By adding this loan, the cumulative loan amount for
Chennai Metro Project becomes JPY 150,274 million(approx. INR8877crore).
JICA has extended
337,796 million Japanese Yen (approx. INR 19954crore) in ODA loans since 1981
for all-round development in Tamil Nadu. The initiatives facilitated by the
assistance include Tamil Nadu investment promotion program to expedite domestic
and foreign investments, power transmission system enhancement across Tamil
Nadu, provision for safe water supply and sewerage facilities across Tamil
Nadu, water supply enhancement and fluorosis mitigation in Dharmapuri and
Krishnagiri districts, biodiversity conservation and greening across Tamil
Nadu, and the Chennai Metro. JICA has also been implementing technical
cooperation for enhancement of Chennai port operations and Master Plan Study of
Chennai-Bengaluru Industrial Corridor, among others, and extended grant aid of
2,162 million Japanese Yen (approx. INR128 crore) for enhancement of facilities at Institute
of Child Health and Hospital for Children (ICH) in Chennai.
About JICA
Established,by a specific law, as an independent
administrative institution under the Government of Japan, the Japan
International Cooperation Agency (JICA) aims to contribute to the promotion of
international cooperation, as a sole Japanese governmental agency in charge of ODA implementation. JICA is the
biggest bilateral donor agency. JICA works as a bridge between Japan and emerging
countries, and provides
assistance in forms of loan,
grant and technical cooperation so that the emerging countries can strengthen
their capabilities.
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