Based on the inputs received from French financial institution Agence Française de Developement's (AFD), a formal detailed appraisal mission will be visiting Kochi on April 25 and 26 to study the metro project. The team is expected to do a detailed appraisal of Kochi metro from technical and financial perspective and discuss AFD's funding modalities.
The mission will be led by AFD's expert on urban transport, Xavier Hoang. It will hold discussion with Kochi Metro Rail Limited (KMRL) managing director Elias George and other senior officials, a KMRL release said.
"The first round of discussion with the AFD was very positive and we are hopeful that the external funding requirement from the AFD will be finalised with the visit of this mission," said George.
The AFD mission for pre-identification that visited in March viewed that the objectives and financial requirement of the project were perfectly in line with AFD mandate and activities in India. It is likely that the French agency will give its in-principle nod after this visit.
If all goes well, the loan can be processed by December or latest by January 2014, he added.
Of the total external loan of Rs 2,170 crore, KMRL expect roughly 50 per cent from by the AFD. The total estimated cost for the project is Rs 5,180 crore and it is scheduled to be completed by 2016. The first phase will have 22 stations and a system length of 26 km.
