Kochi Metro Rail Ltd (KMRL) is exploring the possibility of getting loans from financial institutions other than Japan International Cooperation Agency (JICA).
A decision in this regard was taken at the meeting of the board of directors of KMRL. The meeting also authorised Elias George, Managing Director, KMRL, to proceed further in the matter.
KMRL Chairman and Urban Development Secretary Sudheer Krishana and Chief Secretary Jose Cyriac told reporters after the meeting that other financial options also had to be examined. The board holds that depending on a single agency for the entire funding may affect the pace of project implementation.
Consortium option
According to officials, JICA will support the project’s funding even if KMRL scouts for alternatives. For some metro rail projects, such as the one in Bangalore, there was a consortium that generated funds for the project. “We will explore this option also,” he added.
Asked about Delhi Metro Rail Corporation’s role in the project, the officials said the board took note of the Centre’s assurance that DMRC would extend all possible help to KMRL without affecting the work of Delhi Metro.
The board also discussed technical issues raised by JICA’s fact-finding team and how to proceed on the matter. KMRL would work out a rehabilitation package for those displaced “as we do not want the issue to be a bottleneck for implementation of the project’, the officials said.
Land acquisition
The board also decided to speed up land acquisition for the 27-km Kochi Metro Rail section between Poonithura and Aluva. The officials said emphasis would be given to transit-oriented development as the rail system would contribute to all-round development of the city and suburbs.