Cooperative Bank hands over 2nd Tranche of Loan for Kochi Metro Rail Project

Kochi: The second instalment of the loan sanctioned by Ernakulam District Cooperative Bank, for the Metro Rail project, was handed  over to the authorities concerned on Friday.

An agreement in this regard was signed between District Cooperative bank general manager M K Radhakrishnan and Kochi Metro Rail finance manager Abraham Oommen at the district headquarters of the Bank at Kakkanad.

The second instalment of the loan is Rs 104 crore. The total amount that will be given by the bank for land acquisition for the Kochi Metro Rail project is Rs 470 crore.

Earlier, an official agreement for lending Rs 366 crore as the first instalment  was signed by the officials concerned.

The loan will be subject to repayment by the Government of Kerala over a period of 12 years.  The loan will be made available at a floating interest rate of 9.95 per cent, which is linked to State Bank of  India’s base interest rate, without any ‘attached’ charges.

As per the plan, the loan will be used mainly for meeting the land acquisition cost of the Metro Rail project between Vyttila and Tripunithura.

Traffic Diversion:  Kochi Metro Rail  Limited (KMRL)authorities on Friday announced that the Bund road connecting Thykoodam underpass and Chilavannoor road would be fully closed, and that traffic would not be allowed from 8:00 am on Saturday, Sunday and Monday (whole day), in connection with the road improvement works of the Kochi Metro Rail Limited.

“Motorists are requested to use the other cross roads in the area,” stated an official release.