Chennai: The total project cost of Chennai Metro Rail Phase II is estimated to be Rs 69,000 crores out of which Japan has agreed to provide India with a loan of 75.5 billion yen (approximately Rs 4,700 crores) to kickstart the construction of the 119 km line.
The loan is a part of Rs 6,668 crore package from Japan for various developmental projects in India. An agreement in this regard was signed between Additional Secretary, Department of Economic Affairs, C S Mohapatra and Chief Jica Representative, New Delhi Katsuo Matsumoto on Friday.
In a statement, the Ministry of Finance said, “The Government of Japan has committed JICA (Japan International Cooperation Agency) Official Development Assistance (ODA) totalling Yen 105.497 billion (equal to Rs 6,668.46 crore, approximately) for the three projects.”
Phase-2 with 116 stations across corridors, is expected to link all four corners of the city with the core areas CMBT. The corridors include the stretch from Madhavaram to SIPCOT in Siruseri via Mylapore over 46.1km, from CMBT to Lighthouse over 17.1km and from Madhavaram to Sholinganallur via St Thomas Mount over 45.2 km.
Of the total of 119 km Phase II, only 52 km – from Madhavaram to CMBT and Madhavaram to Shollinganallur – will be taken up first, at a cost of about Rs 40,000 crore and the loan from JICA will cover a part of this cost. The remaining expenses will be shared by the State and the Centre.