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Kochi Metro to avail Rs 1,170-cr loan from Canara Bank

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Kochi Metro to avail Rs 1,170-cr loan from Canara Bank
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Kochi: Kochi Metro Rail Ltd (KMRL) Monday approved a proposal to avail a long term loan up to Rs 1,170 crore from Canara Bank as a part of external funding. This was decided at the meeting of the Board of Directors of KMRL, held at New Delhi.

At the meeting, presided over by KMRL Chairman Sudhir Krishna, the Board also reviewed the present status and progress of the project in terms of civil work, tendering and other aspects, a Kochi Metro press release here said.

Canara Bank loan is for a term of 20 years with a moratorium of 7 years. The rate of interest will be 10.80 per cent floating. This is the first time a nationalised Bank is funding a Metro Project for such a long tenure and low interest rate and also on sole banking basis, the release said.

A tripartite agreement was also signed between Union Government, Kerala government and KMRL during the board meeting.

Sudhir Krishna, who is also Secretary, Ministry of Urban Development, Kerala state Chief Secretary, E K Bharat Bhushan, and Elias George, Managing Director, KMRL, signed the agreement on behalf of the respective stake holders.

The Board took note of the appointment of Consultants for Social Impact Assessment and R&R Study and also for the Environmental Impact study.

Aarvee Associates from Hyderabad will design a comprehensive rehabilitation and resettlement policy and a compensation package for those whose livelihoods are affected by the project and SENES Consultants Private Ltd, Noida will prepare the Environment Impact assessment.

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