Beijing, September 30, 2021
AIIB Increases Green Public Rail Transport Options in India
USD356.67 million approved to expand Chennai metro system
The Asian Infrastructure Investment Bank (AIIB) has approved a USD356.67-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. It will span from Lighthouse in the east to Poonamalee Bypass in the west to ensure seamless multimodal transport across Chennai by providing integrated access to suburban rail, bus stations and the city’s main airport. In addition, the project will address traffic bottlenecks and reduce greenhouse gas emissions by increasing public urban transport options.
“This project is aligned with AIIB’s mandate to support high-quality and sustainable infrastructure. The improvement and integration of the transport sector in Chennai will further promote trade and economic growth,” said AIIB Vice President, Investment Operations, D. J. Pandian.
The project will be implemented by the Chennai Metro Rail Limited.
With this project, female passengers would have access to a safer and convenient mode of public transportation with knock-on effects such as increased opportunities to participate in school, work and social activities. The residential and commercial establishments along the new corridor will also benefit from enhanced accessibility and connectivity as well as increased economic opportunities.
The project’s design and construction will have environmentally friendly features to help reduce its carbon footprint. In addition to solar panels installed on the roofs of the elevated stations, the project will have dedicated spaces for bicycles and green vehicles, and signage to raise environmental awareness. The project also integrates climate change resilience features to reduce its vulnerability to climate-related events.
AIIB has approved 28 projects in India, with a total amount of USD6.7 billion. The energy and transport sectors have received the highest amount of AIIB’s financing.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 103 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Working with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
More News Articles
Beijing, January 09, 2023
AIIB Welcomes Mauritania as New Prospective Member
The Asian Infrastructure Investment Bank’s (AIIB) Board of Governors has approved Mauritania’s application, raising the Bank’s approved membership to 106. Mauritania is now AIIB’s 55th nonregional member, 21 of which are from Africa.READ MORE
Beijing, December 30, 2022
AIIB Extends EUR250M to Support Egypt’s Green Public Transportation
The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a EUR250-million loan to Egypt for the Alexandria-Abou Qir Metro Line Project. Aiming to increase access to efficient, safe and low-carbon public transportation in the city of Alexandria, the project will upgrade and electrify the existing Alexandria-Abou Qir line. Twenty metro stations along the 22-kilometer corridor will be modernized, 13 stations and 16 kilometers of which will be elevated.READ MORE
Beijing, December 12, 2022
AIIB Reinforces Commitment to Support Members’ Clean Energy Solutions
The Board of Directors of the Asian Infrastructure Investment Bank (AIIB) has approved an update to the Bank’s Energy Sector Strategy on Nov. 22, 2022. Under the updated Energy Sector Strategy, AIIB will focus its energy investments on supporting its Members to achieve their long-term climate goals and net-zero/carbon neutrality commitments and to accelerate the just transition towards secure, affordable, and sustainable energy access for all.READ MORE
Beijing, December 07, 2022
AIIB Signs USD200-M On-Lending Facility to Boost Türkiye’s Climate Mitigation and Adaptation Efforts
The Asian Infrastructure Investment Bank (AIIB) and the Industrial Development Bank of Türkiye (Türkiye Sınai Kalkınma Bankası A.Ş. or TSKB) have signed a USD200-million on-lending facility to contribute to the Republic of Türkiye’s climate mitigation and adaptation goals in line with the Paris Agreement.READ MORE