World Bank arm to help KIIFB to fund PPP projects

According to Isaac KIIFB had emerged as backbone of state’s economy affected by the pandemic.

Published: 01st July 2020 07:15 AM  |   Last Updated: 01st July 2020 07:15 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: Kerala Infrastructure Investment Fund Board (KIIFB) will start funding public-private partnership projects with the support of International Financial Corporation, a subsidiary of World Bank. IFC will help in finding funds, investors and technical support for the projects, said Finance Minister T M Thomas Isaac after the 29th board meeting of KIIFB on Tuesday. The board also approved 55 projects worth `2,002 crore. He said IFC has also agreed to give loan of `1,100 crore for green projects. Some of the PPP projects include Silverline, multi- model logistic park, third phase of Kochi Metro etc.

According to Isaac KIIFB had emerged as backbone of state’s economy affected by the pandemic. There will be construction projects worth `5,000 crore “which is not a small achievement in the current scenario”, he said. KIIFB has decided to go ahead with the diaspora bond to fund infrastructure development in the state despite the crippling effect of the pandemic on the economies. The expatriates can invest in bonds worth `2,000 crore to be issued for projects under Rebuild Kerala.

KIIFB CEO K M Abraham said there was considerable interest from expat community to make safe investment in diaspora bond. KIIFB has raised `8,000 crore through the masala bond from the international debt market. Isaac said INKEL, a public private partnership initiative, had been removed from KIIFB projects after several complaints. According to him Uralungal Labour Contract Co-operative Society had emerged as the favourite contractor among the beneficiaries.

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