Jan 09, 2016 01:31 PM IST | Source: PTI

Integrated water project gets nod from Centre

The Department of Economic Affairs under the Ministry of Finance, proposed the project to KfW, the German bank, which has agreed to fund the project with their recommendation, a KMRL release said. It is expected to be included in the next Board of Directors of KfW, which will be held next month, it said.

Integrated water project gets nod from Centre

The integrated water transport project mooted by Kochi Metro Rail Limited got a boost with the Union government granting final approval for the ambitious project planned around scenic backwaters in Kochi region.

The Department of Economic Affairs under the Ministry of Finance, proposed the project to KfW, the German bank, which has agreed to fund the project with their recommendation, a KMRL release said. It is expected to be included in the next Board of Directors of KfW, which will be held next month, it said.

The initiative for developing a modern water transport system for the Greater Kochi region under Unified Metropolitan Transport Authority (UMTA), include the introduction of modern water-craft, renovation of boat-jetties, re-development of access roads with street lights and provision of connectivity between the boat-jetties and the bus and metro stations.

The project would be financed as the 'climate friendly urban mobility' project under Indo-German Bilateral Cooperation. The total cost of the project is Rs 741 crore excluding 72 crore for land acquisition, in which KfW would give financial assistance to the extent of EURO 85 million, approximately Rs 595 crore, as a long term soft loan.

A sum of Rs 102 crore would be contributed by the government of Kerala. This is indeed a great moment for Kochi Metro Rail Limited, and it is a measure of the topicality and importance of the project that Centre has accorded sanction in a record time of seven weeks, it said.

"Now approval of KfW is expected in this February and as soon as we get the clearance from them, we will go ahead with implementation of the project. This project is expected to completely alter the public transportation architecture of the Greater Kochi area," said Elias George, Managing Director, KMRL.

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