CURRENT AFFAIRS

Detailed explanation-1: -The Asian Infrastructure Investment Bank (AIIB) has approved a USD 356.67 million loan to the government of India to support the expansion of the Chennai metro rail system. The project involves the construction of a new corridor in Chennai’s metro network as part of Chennai Metro Rail Phase 2.

Detailed explanation-2: -The tranche 1 loan for the Chennai Metro Rail Investment Project is part of the $780 million multi-tranche financing facility for the project approved by ADB in December last year to develop three new metro lines in Chennai.

Detailed explanation-3: -New Delhi, India (Metro Rail Today): The Asian Development Bank (ADB) and the Government of India signed a US$350 million loan to build new lines and improve the connectivity of the metro rail system in Chennai with the city’s existing public transport system on 3rd January 2023.

Detailed explanation-4: -It is a Joint Venture project of Government of India and Government of Tamil Nadu with equal equity holding. The Government of Tamil Nadu have given in principle approval for the two initial corridors on 7-11-2007.

Detailed explanation-5: -It will be responsible for the construction of an elevated viaduct with a length of around 10km. RVNL will also construct nine elevated metro stations.