Loan agreement with Centre in March

The bank has evinced interest in funding the Rs 9,700-crore Metro Rail project for Chennai. The Tamil Nadu Government had sought the assistance of the bank in this regard

Our Bureau

Chennai, Feb. 6 The Japan Bank for International Cooperation has agreed to fund the Rs 1,340-crore Hogenakkal water supply and fluorosis mitigation project.

The bank will enter into a loan agreement with the Union Government in March for the project, according to an official press release from the State Government.

The bank’s officials informed about the decision to assist the project at a meeting with the Local Administration Minister, Mr M.K. Stalin, in Tokyo on Wednesday, the release said.

The bank has also evinced interest in funding the Rs 9,700-crore Metro Rail project for Chennai. Mr M.K. Stalin, who led a delegation of officials to Japan to see the working of the Tokyo Metro Rail System, met with the bank’s Senior Executive Director, Mr Tetsuo Shioguchi, the release said.

The State Government has sought technical and financial assistance from the bank.

Mr Stalin outlined the proposed project and Mr Shioguchi has assured that the JBIC would be happy to be associated with the project, the release said.

The Japan Bank for International Cooperation has also agreed to assist in the Tamil Nadu Urban Infrastructure Project for implementing the Tiruchi water supply augmentation project and underground sewerage scheme in six municipalities, according to the release.

Delegation members

The delegation included the Chairman, Chennai Metro Rail Ltd, Mr Syed Munir Hoda; Mr T.V. Somanathan, Managing Director, Chennai Metro Rail; and Mr K. Deenabandu, Secretary, Municipal Administration and Water Supply Department.

The objective of the Hogenakkal water supply project is to provide safe drinking water to the urban and rural areas in Krishnagiri and Dharmapuri districts.

(This article was published in the Business Line print edition dated February 7, 2008)
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