K-Rail: Global agencies, JICA offer support, says Kerala CM

Thiruvanathapuram: Indicating that fund would not be a hurdle for his government to implement its flagship Silver Line Rail Corridor project, Chief Minister Pinarayi Vijayan has said that various global agencies including Japan International Cooperation Agency (JICA) have already offered financial support to the mammoth initiative.

Negotiations have also been completed with institutions like Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB) and KFW in this regard, he said amidst intense criticism from opposition parties against the implementation of the KRail, which is estimated to cost Rs 63,941 crore.

Vijayan also made it clear that the Niti Aayog and the union ministries of Finance and Railway have accorded adequate sanction for the state government to identify the means of funding the project.

The Chief Minister gave detailed description of the government’s effort to raise funds for the multi-crore infrastructure project in an article penned in the latest edition of “Chintha”, a mouthpiece publication of the ruling CPI(M).

Categorically rejecting as “baseless” the opposition charge that the project would destroy the state’s economy, he said there is no government anywhere in the world that does not borrow for infrastructure development projects. Everyone agrees the fact that infrastructure development can stimulate economic growth as well as increase revenue, the Marxist veteran added.

“Global financial agencies including JICA have come forward offering to provide financial assistance to the project. Negotiations have been completed with financial institutions like AIIB, KFW and ADB.... Its detailed project report (DPR) was prepared by SYSTRA,” he said.