ADB approves $780 million loan to the Chennai metro project

Tags: Economy/Finance

The Asian Development Bank (ADB) on 8 December 2022 has approved a $780 million loan for the building of new lines for Chennai’s metro rail and improving the network’s connectivity with bus and feeder services. 

ADB will provide an additional $1 million technical assistance grant to help the Chennai Metro Rail with the planning and management of the metro system’s multimodal integration. Grant means that the $1 million will not be returned to the ADB. 

According to the ADB the project will expand Chennai’s metro rail system to provide a safe and integrated transport solution essential in improving urban mobility and make the city more liveable,

ADB has committed $57.75 billion for 826 projects in India of that 18.85 billion is for 188 transportation projects.

In 2021, ADB committed a record $4.6 billion in sovereign loans to India.  Sovereign loans means that it has been granted to the government of India. India is the largest borrower of ADB.

Headquarters of ADB: Mandaluyong City, Manila, Philippines