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Updated February 20th, 2024 at 22:02 IST

JICA Signs Rs 2,809 cr Loan Pact to advance Chennai Peripheral Ring Road Project

The project's objective is to address the growing traffic demand in the Chennai metropolitan area.

Reported by: Business Desk
Infra
Representative | Image:Unsplash
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JICA invests for Chennai infra: The Japan International Cooperation Agency (JICA) has entered into a loan agreement worth Rs 2,809 crore for the second phase of the Chennai Peripheral Ring Road Project. The loan, totaling 49,847 million Japanese Yen, supports the priority project outlined in the 'Comprehensive Integrated Master Plan for Chennai-Bengaluru Industrial Corridor (2015)', based on an agreement between the governments of Japan and India.

The project's objective is to address the growing traffic demand in the Chennai metropolitan area, alleviate congestion, and reduce transportation time by about 40 minutes to and from Chennai and Ennore ports. This will be achieved through the construction of a 26.3 km Peripheral Ring Road and the implementation of Intelligent Transportation Systems (ITS).

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JICA had previously signed a loan agreement for the first phase of the project in March 2018, supporting the construction of Section 1 (24.5 km) – the northernmost part of the Peripheral Ring Road. The current agreement for the second phase involves JICA's contribution to the construction of Section 5, the southernmost part of the Peripheral Ring Road, and the introduction of ITS from Sections 2 to 5.

The Official Development Assistance (ODA) loan agreement was signed between Vikas Sheel, Additional Secretary, Department of Economic Affairs, Ministry of Finance, and Saito Mitsunori, Chief Representative, JICA India. The executing agency for the project is the Tamil Nadu Highways and Minor Ports Department.

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With PTI inputs

 

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Published February 20th, 2024 at 22:02 IST

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