Pacts for ₹3,816-cr projects

Kerala Infrastructure Investment Fund Board to release funds online

Investments in development works through the Kerala Infrastructure Investment Fund Board (KIIFB) route moved one step ahead with the signing of tripartite agreements for projects estimated to cost ₹3,816 crore.

The tripartite agreements between the Managing Directors of Special Purpose Vehicles set up for the purpose, Secretaries of the various line departments and the Chief Executive Officer of KIIFB cover seven departments.

Tenders

A statement issued by Finance Minister T.M. Thomas Isaac’s office on Tuesday said the approved projects were ready for inviting tender and KIIFB would release the funds online as soon as the works are completed.

The tender documents have provisions for monitoring and supervision of the project and the required software for this had been prepared. The statement hoped that it would be possible to launch projects worth at least ₹1,000-₹1,500 crore through the tripartite route.

The statement claimed that the confusion related to the procedures for KIIFB projects and their implementation had been solved. The administrative sanction for the project should be given by the respective departments. There was no need for any other procedures to be followed if the projects have found a mention in the Finance Minister’s budget speech.

DPR preparation

Once the administrative sanction is given, the Detailed Project Report (DPR) will be prepared. Departments such as Public Works and Water Resources can prepare the DPR using the services of their own officials or can entrust the task to the SPV. The SPVs can utilise the services of consultants and the cost would be reimbursed by the Finance Department, the statement said. The projects with DPR should be submitted online and experts in KIIFB will evaluate the proposals and recommend amendments, if any, to the SPV. The KIIFB director board will consider for clearance only those projects that have gone through these procedures. The KIIFB executive committee has the powers to give sanction to all projects below ₹100 crore, with a proviso for ratification by the director board later.

The statement claimed that projects worth nearly ₹8,000 crore were in the last stage of finalisation and would move to the implementation stage in a few months. Weekly review meetings at the Finance Secretary’s level and the Minister’s level were being held to ensure that the preparations of the DPR for the remaining projects mentioned in the budget are expedited.