KIIFB approves 48 projects costing Rs. 4000 cr

Finance Miinister Thomas Isaac and ACS K. M. AbrahamThiruvananthapuram: The Kerala Infrastructure Investment Board (KIIFB) has approved 48 projects costing Rs. 4004 crores at its meeting here on Monday.

Finance Minister T. M. Thomas Isaac said that funds for this would be mobilised as general obligation bonds. Initially, only Rs. 2000 crores needed to be raised for starting the projects.

The SBI Caps would be the merchant banker for the issue.

The Minister said that the government had also plans to raise NRI funds through a chit fund to be floated by the KSFE in association with KIIFB. The chitty might achieve a turnover of Rs. 25000 crore.

Department

Number of projects

Outlay in Rs. cr

Forest and Wildlife

1

100

Health

2

149

Industries

1

1264

Information Technology

2

351

Water Supply

23

1257

PWD

16 roads

3 flyovers

611

272

Dr. Isaac said that enabling legislation for raising the funds had been completed and the projects approved within three months of announcement in the Budget. The next batch of projects would be placed before the Board for approval in January 2017.

He announced that an Infrastructure Fund Management Corporation would be formed as a company structure was required to carry forward with the investment plans.

He said that former Comptroller and Auditor General of India Vinod Rai is heading the Funds Trustee and Advisory Commission which will oversee the investments to gain investor confidence. It would give fidelity certificate for projects under implementation every six months. All data for making the assessments would be available to the members of the Commission through the online project management system.

The members of the Commission include D. Babu Paul, C. P. Chandrasekharan (JNU) and Susheel Khanna (IIM, Calcutta).

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