462 Cr allocated to Kochi Metro
In Monday’s interim Union Budget, Kochi Metro Rail project has been allotted Rs.462.17 crore. The total cost of the project is estimated to be Rs 5,537-crore. Of this, Rs. 66.95 crore as interest-free subordinate debt, Rs.161.79 crore will be loan while Rs. 233.43 crore will be given as equity contribution.
Mr. Elias George, Managing Director of Kochi Metro Rail Limited (KMRL) expressed happiness that Kochi Metro’s fund requirements have been adequately met in the Union Budget.
The allocation has been increased by Rs. 332.17 crore more than the previous budget. Rs 753.73 crore each will be pooled by the State and Central governments. French external lending agency AFD is expected to lend approximately Rs.1,500 crore and Canara Bank may lend around Rs.1,170 crore.
Rs.242.47 crore have been earmarked by the state for improving roads and bridges in the city as part of metro’s preparatory works – building A.L. Jacob bridge, rebuilding North bridge and widening Banerjee Road, MG Road and South railway station approach road.
Source: The Hindu
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