The National Institution for Transformation of India (NITI Aayog), the Department of Expenditure of the Union Ministry of Finance and the Ministry of Railways have approved the Kerala Rail Development Corporation Limited (K-Rail) to raise funds from multilateral agencies and bilateral to 529.45-. Km Silverline Semi-High Speed ​​Train from Kochuveli to Kasargod.

With this, K-Rail Asian Development Bank (ADB), the Asian Infrastructure Investment Bank, a joint venture between the state and the railways, can apply for a loan of Rs 33,700 crore under the guidelines for cost-sharing rail projects. AIIB), German Development Bank (KfW) and Japan International Cooperation Agency (JICA).

All funding agencies except KfW had informally confirmed their willingness to loan to Silverline and ADB raised US $ 4.5 billion and US $ 499.50 million (₹ 7,533 crores), AIIB’s two-stage loan of US $ 500. Offers to provide. Million and JICA US $ 2.5 billion (₹ 18,892 crores).

KfW is expected to provide a loan of US $ 460 million (₹ 3,476 crores) for the ambitious project at an estimated cost of ₹ 63,941 crores based on current estimates.

News Source: NBM&CW