JICA to fund half of Kochi Metro Rail

Marking a good beginning of the Kochi Metro Rail project, Tom Jose, the project manager informed that The Japan International Cooperation Agency (JICA) has promised to fund half of the estimated cost required to complete the metro rail project. JICA had partially funded for the Delhi Metro Rail Corporation's Phase I and Phase II projects. JICA will provide 51 percent of the total estimated cost of Rs 4,427 crore at an interest of 1.5 percent. The project manager informed that it is highly beneficial for the project team as no other company will provide such a huge amount at a lower interest rate and even the world bank is charging a interest rate more than 5 percent. Moreover, now the project can be completed without the co-operation of the private sector. If private participation was allowed the private companies would have to be given the ownership of land worth crores of rupees near the metro rail.

As per the contract, the loan is taken for a period of 30 years and Kochi Metro have to start repaying only after a time period of 10 years. It was the success of the Delhi metro that promted the company to show interest in Kochi's pet project. After the success of Delhi Metro, the agency has become sure that India has achieved the expertise construction of metro rails and it has a high scope in India. JICA has also come forward to aid financial assistance for Chennai and Bangalore metros.

To the total cost of the Kochi Metro Project, Centre Government and state governments will bear 15 per cent each of the total cost. Eleven percent of the remaining amount would come from other loans, 5 per cent will be the cost of the land acquired and another 3 per cent would be earmarked as tax exemptions. Now the Kochi,s much awaited project can be completed rapidly.

The model for the Kochi Metro Rail project will be implemented from the Chennai model. The 25-km-long Kochi metro would begin at Aluva, pass through Kaloor, M.G. Road, S.A. Road and end at Pettah, near Tripunithura. The stations in this 25 KM stretch are as given below starting from Alwaye and ending at Petta. Everyone is hoping for the fast completion of the project as it will be reliable, safe, economic, comfortable, user friendly and punctual mode of transport. The rapidness in the completion in the project shows Oommen Chandy government is giving their maximum effort for the proper, reliable and fast completion of the project.

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