EPS hands over re­quest to PM for Phase II fund­ing sanc­tion

The New Indian Express - - TAMIL NADU -

CHIEF Min­is­ter Edap­padi K Palaniswami on Sun­day per­son­ally re­quested Prime Min­is­ter Naren­dra Modi to sanc­tion Cen­tral fund­ing for the sec­ond phase of the Chen­nai Metro Rail Project. The chief min­is­ter per­son­ally handed over a let­ter in this re­gard to the prime min­is­ter on the side­lines of a govern­ment func­tion held at Tirupur. The chief min­is­ter’s re­quest fol­lows his ear­lier let­ter to the prime min­is­ter on Jan­uary 21 and the pro­posal sent by the State govern­ment on Jan­uary 11. Highly placed sources in the State govern­ment told Ex­press that the Cen­tral govern­ment is ex­pected to grant its ap­proval very soon and an MoU will be signed on the mat­ter in com­ing days. The sec­ond phase of the Metro Rail cov­ers a length of about 118.9 km. Three cor­ri­dors cov­ered un­der the project are: Mad­havaram to Siruseri, Light house to Poona­mallee and Shollinganal­lur to Mad­havaram. Out of the to­tal project cost, the State and Cen­tre would bear 20 per­cent, each. The re­main­ing 60 per­cent of the funds would be ob­tained in the form of loans from in­ter­na­tional lend­ing agen­cies. The chief min­is­ter’s let­ter had high­lighted that the Cen­tre is yet to ac­cord its ap­proval to con­trib­ute 20% of the funds. “Out of the to­tal project cost of `69,180 crore, the land cost and state taxes amount­ing to `13,723 crore, is be­ing met by the State govern­ment and the bal­ance cost of `55,457 crore has to be funded by the Cen­tre (20 per cent), Govern­ment of Tamil Nadu (20 per cent) and the fund­ing agen­cies (60 per cent), re­spec­tively. Hence, the Cen­tral fund­ing may be to the or­der of `11,100 crore spread over six years,” he said in the let­ter.

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