Kochi Metro Railways to be funded by Japanese
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The Japan International Cooperation Agency (JICA) has agreed to fund Rs 4,427 crores cost over the much awaited Kochi Metro Rail Project. Managing Director of the Kochi Metro Rail Limited (KMRL),Tom Jose reported saying that JICA have agreed to fund loan waiting for the Central clearance. The loan is based on the assessment of their funding cost, It charges less than three per cent including non-interest components which is comparably lower than similar international financial institutions. However the World Bank charges five per cent interest. The JICA loan has a repayment period of 30 years and none of the Indian funding institution will lend money, Jose added. JICA is already funding the Jalanidhi drinking water supply project in Kerala.
Source: The Times of India
Tags:
JICA, Kerala, Kochi, Kochi Metro Rail Limited (KMRL), The Japan International Cooperation Agency (JICA), World bank
