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

  • India
Where the impacts of the investment may be experienced.
Specific Location
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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
Bank Risk Rating
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.
Government of India
The holder of the loan, grant, or other investment.
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
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 May 13, 2020

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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)

ADB US$ 114.1 million
Government of Tamil Nadu US$ 155.88 million

Contact Information

Kishlaya Misra
Project Team Leader and Investment Specialist

Prasanna V. Salian
Deputy Secretary,
Department of Economic Affairs, Ministry of Finance
Government of India

Implementing Agency
Pradeep Yadav
Managing Director
Chennai Metro Rail Limited


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.