Pinarayi Vijayan’s claim on masala bond not factual, says VD Satheesan

Koch: V. D. Satheesan, MLA, has disputed the claim of Chief Minister Pinarayi Vijayan that the masala bonds floated by the Kerala Infrastructure Investment Fund Board (KIIFB) are on best interest rate. While talking to mediapersons at Ernakulam Press Club on Tuesday, he said that the bonds are not for least rate.

"Kochi Metro Rail Limited received Rs.1,350 crore for Kochi Metro from the French funding agency AFD at a nominal interest rate of 1.3 per cent.

The KMRL's Water Metro project is getting Rs.582 crore from German agency KfW at an interest rate of 1.55 per cent. The AFD has agreed to provide Rs.1,500 crore for Kakkanad extension of Kochi Metro for the same rate. All these loans are for long term without any other conditions," said Mr. Satheesan.