German Bank okays Rs 680 crore loan for water transport development projects in Kochi

KOCHI: A delegation from the German bank KFW, which is in the city on a fact-finding mission, has expressed satisfaction over the detailed project report on water transport development submitted by Kochi Metro Rail Limited (KMRL).

The KFW has offered to provide a loan of 70 million Euros (approximately Rs 680 crore) for water transport development projects in the city and suburbs.

The team held discussions with the top management of KMRL and also visited a few proposed water transport routes.

The KMRL is the nodal agency which will carry out the water transport projects with the support of other stakeholders.

The team visited Vyttila Mobility Hub as it is the major integration point of Metro, water and road transport.

The team expressed satisfaction over the innovative concepts and steps taken by the KMRL for realising the initiative.

There are plans to introduce solar-powered, eco-friendly high-speed boats with facilities like Wi-fi.

The final mission of KFW will visit the city in August and will finalise the funding.

The seven-member team includes Dr Wolfram Klein, head of South Asia division, BMZ (German ministry of economic and development cooperation), Dr David Tan-tow, deputy head of South Asia division, BMZ, Mr Heiko Warn-ken, head of economic and development cooperation, German Embassy, Ms Yasmin Tawfik, regional manager, Mr Nicolai Tust, country manager, Mr Andreas Thermann, deputy director and Mr Stefan Hediger, head, energy sector.

Meanwhile, the DPR submitted to the state government is still pending approval.