Japan International Cooperation Agency (JICA) has extended a INR20-billion official development assistance (ODA) loan for Chennai Metro. The loan has a term of 30 years (including 10 years of grace period) and an interest rate of 1.4 per cent and 0.01 per cent.
JICA has sanctioned around INR90 billion in concessional ODA loans over four tranches since 2008. The cumulative loan of Chennai Metro has reached INR110 billion.
Phase I will span 45.1 km and is expected to require an investment of INR183.7 billion. It comprises two corridors. Corridor 1 spans 23.1 km from Washermanpet to the Chennai Airport, covering 11 stations. Corridor 2 spans 22 km from Chennai Central to St. Thomas Mount, covering 17 stations.
Phase II will span 107 km and cover three lines – Siruseri to Madhavaram via Old Mahabalipuram Road; Koyambedu to Light House; and Perumbakkam to Madhavaram. It will cover 104 stations. The detailed project report for Phase II has been completed and expected to be submitted to the central government for approval.
(1 INR [Indian Rupee] = 0.015 USD)