India: Chennai Metro Rail Phase 2 Project - Balance Corridor 5 (AIIB-000368)

Countries
  • India
Where the impacts of the investment may be experienced.
Specific Location
Chennai
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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)
$ 438.75 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)
$ 708.64 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 Jun 29, 2020


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

Project Description

According to bank documents, "The Project consists of construction of 26 km of elevated viaduct and 24 elevated stations and provision of related equipment and related facilities, for the balance corridor 5 portion of the north-south mass transit system in Chennai.

The following Project components will be financed by AIIB:
Component A: Construction of 26 km of elevated viaduct.
Component B: Construction of 24 elevated stations.
Component C: Utility Management.
Other components of this Project include:

Traction and power supply, track work, and telecommunication, electrical and mechanical works, which would be financed by Asian Development Bank (ADB); and

Signaling, lift and escalators, permanent way, platform screen doors, physical security instruments, land acquisition, resettlement and rehabilitation and environmental related costs, which would be financed from counterpart funds by the Government of Tamil Nadu (GoTN)."

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)

Co-financing:
ADB US$ 114.1 million
Government of Tamil Nadu US$ 155.88 million

Contact Information

AIIB
Kishlaya Misra
Project Team Leader and Investment Specialist
kishlaya.misra@aiib.org

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

Implementing Agency
Pradeep Yadav
Managing Director
Chennai Metro Rail Limited
md.cmrl@tn.gov.in


ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM).  The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint.  Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply.  You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.