It paves the way for implementing Phase 1 of Rs.5,170-crore project
A project agreement between the French Development Agency (AFD) and Kochi Metro Rail Ltd. (KMRL) for a euro 180-million long-term loan, which at present rate comes to about Rs.1,527 crore, was signed on Saturday, clearing the way for the implementation of the first phase of the Rs.5,170-crore Kochi Metro Rail project.
The agreement was signed by AFD chief executive officer Anne Paugam and KMRL managing director Elias George at a function in the KMRL office here on Saturday evening.
Minister for Electricity and Railways Aryadan Mohammed and French consul Philippe Janvier-Kamiyama were present on the occasion.
Earlier in the day, Ms. Paugam visited select locations where work on the Kochi Metro Rail was in progress. She visited the Vytilla Mobility Hub where Kochi Metro plans to have multi-modal transport integration. She also undertook a boat ride from Fort Kochi to Vytilla to explore the possibilities of water transport in the Kochi region.
Ms. Paugam followed the tour with discussions with the KMRL managing director and other functional directors of the company regarding the progress of the project and other future plans of KMRL for improving transportations systems in the city, particularly the Unified Metropolitan Transport Authority (UMTA) and Transport Oriented Development.