KOCHI: No more funding troubles for Kochi Metro Rail. The Union Government decision that came on Wednesday to issue a letter to the Japanese funding agency regarding the financial support for the Kochi Metro Rail project has come as a major boost. Kochi Metro Rail Limited MD Tom Jose on Wednesday met Additional Secretary Vimal Jhulka and Joint Secretary of Department of Economic Affairs (DEA) Prabodh Saxena following which the Union Finance Ministry decided to issue a letter to the Japan International Cooperation Agency (JICA) for issuing loan for the Kochi Metro Rail project. Meanwhile, the Ministry of Urban Development will move the Cabinet notes, for approval to the ministries concerned. With this, the final technical hurdle for getting a bank loan for the project is over. The Metro Rail project, with an estimated completion cost of Rs 4,427 crore, is proposed to be built from Aluva to Pettah with a total of 23 station. It was only a couple of days back that the Metro Rail project received the much-awaited Public Investment Board (PIB) clearance. With the PIB recommendation, the project proposal will go to the Union Cabinet for final approval. The Cabinet approval is expected in three weeks. Of the total project cost, the contribution from the Union Government will be 20.26 per cent which will come to around Rs 1,002.23 crore. The Union Budget this year has allocated an amount of Rs 60 crore for the project while the state budget made an allocation of Rs 150 crore. With land acquisition processes going on in a fast pace, the project is in the right track. Meanwhile, the Delhi Metro Rail Corporation (DMRC) had already begun the work of two of the major Metro Rail-related projects.
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