Board of Directors of AFD approved the proposal to fund Kochi Metro project
Board of Directors of AFD (Agence Française de Développement ) ,the french financial institution and the main implementing agency for France’s official development assistance to developing countries and overseas territories approved the proposal to extend a loan for 180 Million Euro.
AFD loan has tenure of 20 years and comes with a moratorium of 5 years. The interest rate of the loan is 1.9%.
The French loan conditions generally prescribe procurement policy like ICB (International Competitive Bidding) and it will be processed through DEA, GoI.