AIIB Shows Interest in Funding Madurai and Coimbatore Metro Projects

05 Jul 2024 CW Team

The Asian Infrastructure Investment Bank (AIIB) has expressed interest in financing the metro rail projects in Madurai and Coimbatore, both currently under development by Chennai Metro Rail Limited (CMRL). An AIIB team inspected the proposed metro routes in Madurai and is scheduled to survey the Coimbatore routes.

According to the recent budget announcement, Detailed Project Reports (DPRs) for both metro projects have been prepared and submitted to the Union government for approval. The Coimbatore metro project, covering Avinashi and Sathyamangalam Road, is estimated to cost Rs 107.4 billion, while the Madurai metro project, connecting Thirumangalam and Othakkadai, is projected at Rs 113/68 billion.

M.A. Siddique, Managing Director of CMRL, confirmed AIIB?s interest. ?AIIB has come for a periodic review mission for the Phase II project in Chennai, which it is already funding. The AIIB team expressed interest in financing the Madurai and Coimbatore projects and is conducting preliminary visits with the CMRL team. The Madurai inspection was completed yesterday, and the Coimbatore visit is today,? he said.

Siddique also noted that other multilateral banks are showing similar interest in these projects. However, the decision on the financial institution will be made by the Ministry of Finance, Government of India. The Government of Tamil Nadu has already sent proposals to the Government of India in March this year, requesting international financial institution funding.

The interest from AIIB and other multilateral banks highlights the significance of these metro projects in improving urban transportation infrastructure in Tamil Nadu.

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