The Board of Directors of Kochi Metro Rail Ltd has approved the agreement to be signed between KMRL and DMRC for the execution of the first phase of the project.
It is expected that the agreement will be formally signed between KMRL and DMRC immediately.
The board also discussed the changes to be made to the technical parameters following the adoption of the communication based CBTC System of signalling.
Land development
The board meeting on Thursday also approved the invitation of expressions of interest (EoIs) for preparing a master plan for the development of 17.315 acres of land at Kakkanad.
KMRL intends to develop this area into a modern multi-utility centre. It is expected to have urban amenities such as markets and civic facilities as well as recreational centres.
The Kakkanad facility will also provide supplementary revenues for improving the financial bottom lines of the Kochi Metro project.
The board also discussed the various funding options and strategies for implementing the project.
French funding
Representatives of Agence Française de Développement (AFD), a French financial agency, was here to probe funding options with KMRL officials, which works out to be Rs 2,170 crore, about 42 per cent of the total project cost of Rs 5,182 crore.
The team’s pre-appraisal mission is part of this. The rest of the cost will be shared by the State and Central governments.
The AFD team’s visit comes a few months after visits by representatives of Japanese International Cooperation Agency (JICA), an agency which extends loans at 1.4 per cent interest to developing countries.
KMRL is probing alternative funding options. AFD is the main implementing agency for France’s official development assistance to developing countries and overseas territories.
New directors
Meanwhile, three new directors, C.K. Khaitan, Joint Secretary, Ministry of Urban Development, Mahesh Kumar and Abraham Oommen, were inducted as functional directors of KMRL.
sajeevkumar.v@thehindu.co.in