Kerala clears ₹572-cr infra funds to build Mobility Hub
In a bid to turn the Vyttila Mobility Hub into a controlled centre of integrated transport activities in Kochi, the state government in Kerala has sanctioned ₹572 crore to kick start the second phase of its development. The facility will be implemented in 7.23 acres of land at the existing hub, housing new bus terminals, a multi-storey parking facility including accommodation for crew, a hotel and commercial establishments. The project will be completed in 24 months. The agency will now prepare detailed drawings and cost estimate of each component in the second phase, said managing director, Vyttila Mobility Hub Society (VMHS), R Girija. The agency has also initiated proceedings to avail a loan from Agence Française de Développement (AFD), the French Development Agency, which will be providing external borrowing for the project. The loan proceeds will be moved through the Department of Economic Affairs, whereby 80% of the total project cost will be provided as a loan by the French agency and the remaining by the state government.
📅Published on:
21 November 2019
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