World Bank approves USD 150 million loan for Chennai

According to a Corporation official, the Chennai City Partnership initiative would be implemented with funds from the WB and Asian Infrastructure Investment Bank. “Several projects will be implemented using the funds from the two funding agencies as well as from our own fund. Both the agencies will give USD 150 million each,” he said.

Of the projects, the highest amount of funds would be earmarked for improving bus operation. The MTC will receive USD 41 million from the WB and the same amount from Asian Infrastructure Investment Bank. The civic body would receive USD 20 million each from the two agencies to strengthen the health system in the city. “We have to start the projects using our fund. Then, the WB will release the fund based on the progress achieved,” the official said.

Under the initiative, various government agencies would undertake projects to improve mobility, transparency, the efficiency of water supply and bus services, strengthening of health systems, etc.

Recently, the WB had approved the funding after holding several rounds of discussion with the State government to take the initiative forward. The Chennai City Partnership will be implemented across the Chennai Metropolitan Area of 1,189 sqkm.