The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a $356.67mn loan to India for the expansion of the Chennai Metro rail system as part of efforts to expand green public rail transport options in the country.
The project involves the construction of an environment-friendly new corridor in Chennai’s metro network as part of Chennai Metro Rail Phase 2, the AIIB said in a statement on Thursday.
China and India are the top two shareholders in the 103-member bank, which was set up in 2016 at Beijing’s initiative, and seen as its answer to an international finance system dominated by western countries.
The Chennai project is the latest in the transport sector-related loans from the multilateral banking institute.
