Approval from the Union cabinet for the eagerly awaited Kochi Metro could get delayed since first the Japan International Cooperation Agency (JICA) must agree to the Rs 2,170-crore loan for the project, according to the Union urban development secretary, Dr Sudhir Krishna.
Dr. Krishna’s statement comes a day after the metro project got the green signal from the Public Investment Board (PIsB).
Dr Krishna told media persons on the sidelines of an official function here on Friday that the much awaited Kochi Metro would first have to avail of the JICA loan before the cabinet will approve the project.
However, a spokesperson of the Kochi Metro Rail Limited (KMRL) told Deccan Chronicle that the JICA loan would not be long in coming and reiterated the statement made on Thursday that the project could receive the final approval from the cabinet within three weeks.
“We have already held discussions with JICA. Since the project has now received approval from the PIB, it is only a formality to avail of the loan,”
the Kochi Metro Rail Limited spokesperson added.
The loan is expected to be of Rs 2,170 crore with a loan term of 25 years.
The loan will cover 44 per cent of the total project cost of Rs 5,181 crore.