India: Chennai Metro Rail Phase 2 Project - Corridor 4 (AIIB-000301)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Government of India
The holder of the loan, grant, or other investment.
Sectors
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 356.65 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 2,174.53 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS May 13, 2020


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank's website, the proposed project aims to "provide high capacity and efficient east-west connectivity through the center of Chennai by expanding the city's metro system."

The project components are:

Component A: Construction of 16 km of elevated viaduct

Component B: Construction of 18 elevated stations

Component C: Construction of 7 underground stations

Component D: Implementation support and technical assistance

Other components, including the underground section, depot, system and rolling stock for the project will be financed by parallel co-financiers and the Government of Tamil Nadu (Co-financiers' Components)."

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

Co-financing:
Government of Tamil Nadu US$ 652.36 million
Parallel Co-financiers US$ 1,165.52 million

Private Actors
Contact Information

AIIB
Soon-Sik Lee
Principal Investment Operations Specialist (Transport)
Soonsik.lee@aiib.org

Borrower
Prasanna V. Salian
Deputy Secretary, Department of Economic Affairs
Ministry of Finance, Republic of India
pv.salian@nic.in

Implementation Agency
Pankaj Kumar Bansal
Managing Director, Chennai Metro Rail Limited
md.cmrl@tn.gov.in


ACCOUNTABILITY MECHANISM OF AIIB

In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.