MADURAI/COIMBATORE: The Asian Infrastructure Investment Bank (AIIB) has expressed interest in financing the metro rail projects in Madurai and Coimbatore, currently being developed by the Chennai Metro Rail Limited (CMRL). An AIIB team inspected the proposed metro routes in Madurai on Wednesday and is set to survey Coimbatore on Thursday.
According to the recent budget announcement, Detailed Project Reports (DPRs) have been prepared for the metro rail projects.The Coimbatore project, covering Avinashi and Sathyamangalam Road, is estimated to cost Rs 10,740 crore. The Madurai project, connecting Thirumangalam and Othakkadai, is projected at Rs 11,368 crore. Both DPRs have been submitted to the Union government for approval.
Speaking to The Times of India, M.A. Siddique, Managing Director of CMRL, confirmed AIIB’s interest. “AIIB has come for a periodic review mission for the Phase II project in Chennai, which it is already funding. The AIIB team expressed interest in financing the Madurai and Coimbatore projects and is conducting preliminary visits with the CMRL team. The Madurai inspection was completed yesterday, and the Coimbatore visit is today,” he said.
Siddique also noted that other multilateral banks are showing similar interest in the projects. “However, it is the Ministry of Finance, Government of India, that will decide on the financial institution. The Government of Tamil Nadu has already sent proposals to the Government of India in March this year, requesting international financial institution funding.”