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Financial issues will not be allowed to delay the implementation of the Kochi Metro project, State Transport Minister Aryadan Mohammed has said.
The first phase of the project will be ready on schedule by June 2016, the Minister told newspersons here after a review meeting.
The State government proposes to raise ₹470 crore in fresh borrowing from nationalised banks to expedite land acquisition and meet other overheads. The loan will be repaid by the State government on annuity basis over a period of 10 years.
Earlier, a meeting of the Kochi Metro board held under the chairmanship of Chief Minister Oommen Chandy reviewed progress of the ongoing work.
Land acquisitionOnly 0.733 hectares of the land required for the first phase of the project are left to be acquired, including on the arterial MG Road in the central business district.
The total requirement of land is 33.904 hectares, of which 33.171 hectares have been acquired, the meeting was told. Almost half of the requirement for the second phase of the project has been met with.
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