Sustainable Urban Services Program for Chennai Metropolitan Area (CMA)
Part of: Prelims and GS-III – Economy Context The Asian Infrastructure Investment Bank (AIIB) has approved USD150 million loan to India for implementation of the Sustainable Urban services program for Chennai metropolitan area (CMA).
India and AIIB
- India is the largest beneficiary of AIIB and the bank has so far approved 29 projects for India worth 6.8 billion USD.
- The energy and transport sectors have received the highest amount of AIIB’s financing.
About Chennai Metropolitan Area project
- The Chennai Metropolitan Area (CMA) is home to around 11 million people and one of the fastest growing metropolitan areas in Asia with its growing economic significance in India.
- Aim: Strengthening institutions and financing for improving the quality and sustainability of selected urban services in the CMA.
- Services being covered: Core urban services, including water resource management, water supply and sewerage, solid waste management.
- Funds: The total project cost is 701 million USD out of which AIIB and World Bank each will provide 150 million USD each. Rest of the cost will be borne by the Govt. of Tamil Nadu.