The Director Board of French funding agency Agence Francaise de Developpement (AFD) has approved a €175-million (approximately Rs.1,300 crore) loan for Kochi metro rail’s 11-km-long Kakkanad extension that is slated to cost Rs.2,577 crore.
The decision was taken at its Board meeting held on Thursday. The loan having interest rate of 1.35 per cent will have to be repaid in 25 years. Of this, around Rs.215 crore will be spent to improve pedestrian and allied infrastructure around 22 metro stations and along M.G. Road, to develop Aluva, Edappally and Vyttila junctions and to introduce non-motorised modes of transport like bicycles.
The metro’s Kakkanad extension takes off from the Jawaharlal Nehru International Stadium, reaches Collectorate Junction and has the terminal station on the road leading to Infopark. The AFD had accorded in- principle approval for the loan in May 2015.
It had earlier sanctioned Rs.1,500-crore loan for metro’s Aluva-Pettah phase one corridor.
Government nod
The State government is expected to shortly approve the cost escalation for the project from Rs.2,017 crore to Rs.2,577 crore. The project will then be placed before the Centre for approval. The whole process is expected to take up to two months.
Land acquisition
The Revenue Department has in the meantime posted a tahsildar to supervise land acquisition for the extension. “The project’s social impact assessment (SIA) is expected to commence shortly. A report based on it will have to be readied in six months. This will be followed by a joint site inspection by Revenue and KMRL officials,” a senior Revenue official said.
