German government approves loan proposal for Kochi water transport project

Friday, Feb 26, 2016,10:58 IST By metrovaartha A A A

Kochi | The German government has given its nod for a loan proposal relating to Kochi Metro Rail Limited’s (KMRL) Rs 741 crore-project to create an integrated water transport system in and around the coastal city. KMRL said the project was expected to get the final clearance in the board meeting of German Development Bank KFW to be held on March 9.

The total cost of the project is Rs 741 crore, excluding 72 crore for land acquisition, in which KFW would provide financial assistance to the extent of 85 million Euros (Rs 595 crore) as a long term soft loan, while Kerala government would contribute Rs 102 crore.

The initiative has been taken up by KMRL for developing a modern and integrated water transport system for the Greater Kochi region under the Unified Metropolitan Transportation Authority (UMTA). It includes 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.

“We have come one more step closer to the project of integrated water transport for the city. I am confident that we will be able to sign the agreement with KfW in the month of March itself,” KMRL Managing Director Elias George said in a release here. Apart from the ferry service development, the project also recommends developing existing and new access roads providing increased accessibility to the jetties and also enhanced mobility within the islands and infrastructure for ensuring safety and security to all its users by way of active and well-lit streets and CCTV cameras.