The Japan International Cooperation Agency has sanctioned Rs 4,760.60 crore loan for the second phase of Chennai Metro.
A Memorandum of Understanding has been signed between C S Mohapatra, Aditional Secretary, Department of Economic Affairs, Ministry of Finance and Katsuo Matsumoto, Chief JICA representative, New Delhi.
The second phase of Chennai Metro aims to meet the growing traffic menace eventually leading to balanced regional development and enhancement of environmental conditions in Chennai metropolitan areas.
The estimated cost of the second phase is around Rs 85,047 crore. Since 2008, the JICA has funded Rs 11,000 crores in loans for developing around 52.4 km of the metro network.
The phase II will have 116 stations in total and will link all the four corners of the city.
The Chennai Metro Rail Corporation is fast acquiring land for the expansion work. In fact, it has issued a notice to 800 people to acquire their land for priority corridor.
To reduce costs, the underground stations will be made the elevated ones.