Rail News

DATE

October 01 , 2021


China-based infra bank lends $356mn for Chennai Metro rail system

Hindustan Times 
September 30, 2021 (India)

China and India are the top two shareholders in the 103-member bank, which was set up in 2016 at Beijing’s initiative, and seen as its answer to an international finance system dominated by western countries

Pedestrians pass by a vehicle being used as a mobile clothes store in Chennai, India. The project involves the construction of an environment-friendly new corridor in Chennai’s metro network as part of Chennai Metro Rail Phase 2, the Asian Infrastructure Investment Bank said (Bloomberg)

The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a $356.67mn loan to India for the expansion of the Chennai Metro rail system as part of efforts to expand green public rail transport options in the country.

The project involves the construction of an environment-friendly new corridor in Chennai’s metro network as part of Chennai Metro Rail Phase 2, the AIIB said in a statement on Thursday.

China and India are the top two shareholders in the 103-member bank, which was set up in 2016 at Beijing’s initiative, and seen as its answer to an international finance system dominated by western countries.

The Chennai project is the latest in the transport sector-related loans from the multilateral banking institute.

Source
https://www.hindustantimes.com/world-news/chinabased-infra-bank-lends-356mn-for-chennai-metro-rail-system-101633003049362.html

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