AFD fires 175-mn Euros in Kochi metro

    AFD Kochi Metro
    In a major funding booster to Kochi Metro project's extension plan, a French funding agency agreed to provide a loan of around 175 million Euros for the mega project, a Kochi Metro Rail Ltd. (KMRL) spokesperson said, adding that the Agence Francaise de Developpement (AFD) has offered to fund the metro rail's extension from JLN Stadium to Infopark via Kakkanad. Considering it as a special case, the French agency agreed to extend the loan for a longer tenure of 25 years at an interest rate of 1.35 per cent. The normal tenure for such loans for urban infrastructure is 20 years currently. It is a matter of pride for Kochi Metro Rail Limited that AFD has agreed to this offer. This is an indication of the funding agency's faith in KMRL's capabilities and its objectives, said Managing Director, KMRL, Elias George. The loan also includes a component of EUR 22 million for the non-motorised transportation works at 20 stations of M G Road and junction improvement in Aluva, Edapally, and Vyttila areas. Negotiations on the proposed extension of Kochi Metro Rail project from JLN Stadium to Infopark via Kakkanad over a distance of 11.2 km at a cost of Rs. 2,024-cr were held in Paris recently.
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