French agency in pact with Kochi Metro – The Hindu Business Line
€180 million long-term loan for the first phase
Kochi, February 9:
The French financial agency Agence Française de Développement (AFD) has signed a project agreement with Kochi Metro Rail Ltd for a €180 million long-term loan for the Kochi Metro Phase-1 project.
The agreement was signed by Anne Paugam, Chief Executive Officer of the French Development Agency and Elias George, Managing Director of Kochi Metro Rail Limited, in the presence of Aryadan Mohammed, the State Minister for Power and Railways, and the French Consul Philippe Janvier – Kamiyana.
The agreement between AFD and KMRL consists of a €180 million direct sovereign loans aimed at supporting KMRL to implement the first metro line in Kochi, between Aluva and Petta with 22 stations. The financial assistance would also strengthen the institutional framework of the Greater Kochi urban transport sector to sustainably integrate all modes of transport in accordance with the spatial, social and economic development of the city.
“We are very happy that AFD has come forward to fund and assist us in implementing this dream project of Kerala. Apart from providing funding, AFD will also be assisting us in improving the quality and service of all urban transportation systems in the city said Elias George.
Anne Paugam also visited selected locations where work was being undertaken on the Kochi Metro Rail project.