KOCHI: Giving fresh hopes to Kochiites, the proposed Kochi Metro Rail project has received the much-awaited Public Investment Board (PIB) clearance on Thursday. Now with the PIB recommendation, the project proposal would go to the Union Cabinet for the final approval, which is expected in three weeks. The contribution from the Central Government would be 20.26 percent of the total project cost, which works out to be Rs 1002.23 crores.The meeting was chaired by secretary of Expenditure Sumit Bose. Planning Commission member secretary Sudha Pillai, Urban Development secretary Sudhir Krishna, Expenditure secretary (Kerala) Elias George, and senior officials from all the concerned ministries were also present in the meeting held in New Delhi.“The Metro project has crossed yet another milestone. The whole meeting was very positive and they are convinced with the proposal and the plan of action we have put forward for the project. This is definitely a huge achievement for the state government whose determination and hard work have been recognised. We hope to receive the Union Cabinet’s approval in another three weeks’ time,” Kochi Metro Rail Limited managing drector Tom Jose said. The PIB discussions were based on the points like capability and commitment of the state government to implement such a big project, the extend of contribution from the Union Government, the issue of equity participation, plan of action for the repayment of JICA loan among other things.
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