TN approaches international agencies to fund Kovai
OIMBATORE: With the union government delaying funds for Metro Rail projects in Chennai, Coimbatore and Madurai, the Tamil Nadu government plans to take loans from the AIIB and go ahead with the works.
Sources told TNIE that the government is working with international financial institutions to fund Metro Rail projects in Coimbatore and Madurai. A meeting was held between officials of CMRL and AIIB in Chennai on Tuesday.
Officials from the Asian Infrastructure Investment Bank (AIIB) and CMRL will visit Madurai and Coimbatore on Wednesday and Thursday and hold inspections before taking a call on funding the projects.
The state had announced metro rail projects for Coimbatore and Madurai and prepared DPRs. According to announcement made in the budget last year, the DPRs for Metro Rail along Avinashi and Sathyamangalam Road in Coimbatore at a cost of Rs 10,740 crore, and one in Madurai connecting Thirumangalam and Othakkadai at Rs 11,368 crore have been sent to the MoHUA Ministry for approval.
Sources said with the centre silent over the state’s request for 50:50 funding for the Rs 63,246 crore second phase of Chennai Metro project, covering 119 km, it is being executed by the state from its own resources and loans. Questions remain whether the union government will consider similar request for Coimbatore and Madurai.
