AFD clears ₹472-cr for mobility hub in Kerala

The French funding agency AFD has agreed to fund ₹472 crore of the ₹590 crore total cost of the multimodal transit hub project. The Vytilla Mobility Hub Society (VMHS) in Kerala has already submitted its report to the finance department with a mandatory approval for the second phase of the developmental project. AFD will have majority stake while that of the state government is limited to 20 percent for the project. The agency has offered the loan at an interest rate of 1.35 percent and a repayment window of 20 years after a five-year moratorium after the administrative nod from the Local Self Government Department, said official sources. In a related development, the Kochi Metro Rail Ltd (KMRL) has agreed to submit the Detailed Design of the project within two months and is in the process of appointing a Design Consultant. After the first tendering process failed to get adequate response, it has floated a fresh tender and will submit the detailed design in two months, said Managing Director, KMRL, A.P.M. Muhammed Hanish. The DPR is awaiting sanction of the state government whereby the second phase will feature a total of 101 bus bays, multi-level parking for 400 cars, 456 two-wheelers and 50 auto-rickshaws. It proposes a land use pattern whereby 39 percent of the total project area of 25.16 acres will be earmarked for green space, 34 percent for a bus terminal, and 27 percent for road surface.