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KOCHI: In an effort at finding a new global partner for developing the Vizhinjam Container Transhipment project at Thiruvananthapuram, International Finance Corporation (IFC), a member of the World Bank Group, was today appointed principal advisor for th e much delayed project.

An agreement in this regard was signed between IFC Executive President and CEO, Mr Lars Thunnel and CEO of Vizhinjam International Seaport Ltd (VISL), Mr Sanjeev Kaushik here today.

The agreement has been structured in '6 milestones based processes' and will be completed in 18-24 months time. The IFC would be transaction advisor and would not have any funding role, Mr Thunnel and Mr Kaushik told a joint press meet here.

The IFC would help to structure, market and implement the PPP project to attract serious investors through an open, transparent and competitive bidding process, Mr Thunnel said.

It will work with the state government to evaluate alternate port usages and recommend re-sizing and re-phasing its development on the basis of their analysis, thus enhancing viability and reducing risks, he said adding 'our engagement by the government is a strong signal of the government's commitment to a transparent process'.

VISL envisages that a market study would be undertaken in 2-3 months time, the bidding process and its evaluation would take another 6-8 months. Within 18-24 months a search process would begin for prospective bidders, Mr Kaushik said adding fresh tender ing process would be held.

Asked if IFC would invest in Vizhinam project, Mr Thunnel said 'we have invested in ports. We could invest if Kerala government and private partner allows. But was not prepared for conflict of interests', he said adding this issue would be addressed at a later stage. - PTI

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