KOCHI: Representatives of Germany-based KfW Development Bank will visit Kochi on June 26 for their third mission in connection with providing financial aid of `680 crore for improving the water transport network in the Kochi agglomeration area.
The German bank is expected to provide a loan of nearly EUR 80 million (approximately `680 crore) for the development of Kochi’s water transport network.
The loan will be given to the Kochi Metro Rail Limited (KMRL), which is the nodal agency for urban transport projects. The fund will be used mainly for renovation of boat jetties, infrastructure development in the islands and purchase of new boats.
The detailed project report (DPR) prepared by the Urban Mass Transport Corporation (UMTC) has already been submitted to the State Government for approval. Once approved by the Cabinet, it will be submitted before the Union Government.
The KMRL, in association with the Kochi Corporation, the neighbouring local bodies and the other stakeholders, will implement the project. The project has been envisaged to modernise the water transport system in the Greater Kochi region, under the Unified Metropolitan Transport Authority (UMTA).
Launch of modern watercraft, renovation of boat jetties and linking boat jetties and bus/metro stations are also part of the project.
During the previous visit, the KfW Development Bank team had expressed satisfaction over the innovative plan to integrate the various modes of transport.
They also conducted a detailed inspection of the waterways in Kochi, and visited the islands of Moolampilly, Pizhala and Vypeen.
Once the State Cabinet approves the proposal, the project would be submitted before the KfW Board through the Union Government. The Kochi Metro Rail Limited authorities expect the the first instalment of the loan to be released by January 2016.
