GCC to avail Rs 750 crore loan for Kosasthalaiyar river project

CHENNAI: Participating in the ong-term project of Kosasthalaiyar river restoration to be supported by Asian Development Bank (ADB), the Greater Chennai Corporation (GCC) will contribute Rs 750 crore to meet the financial requirements and amount will be borrowed from Tamil Nadu Urban Finance and Infrastructure Development Corporation (TUFIDCO), a Corporation council resolution read.

In this regard, a letter has been sent to the Additional Chief Secretary, Chairman and Managing Director Tamil Nadu Urban Finance and Infrastructure Development on September 23, 2022, to provide a loan amount of Rs 750 crore for three years. Of which Rs 280 crore is provided for the financial year 2022- 2023.

The construction of Kosasthalaiyar stormwater drain work is being carried out at an estimated cost of Rs 350 crore. These works are being carried out with a loan of Rs 1,789 crore from the ADB, a contribution of Rs 681 crore from the state government and Rs 750 crore from GCC is to be spent for the massive restoration project.