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Alternative funding agencies being looked at

Posted on Dec 05, 12:23PM | UNI

Stressing the need for an alternative funding agency against Japan Internation Cooperation Agency (JICA), the instituton expected to fund Kochi Metro Project here, the Kochi Metro Rail Limited director board, which met here today, decided to authorise its Mangaging Director to look at another alternative funding agencies to the project.

Addressing media after the board meeting here, Kerala Chief Secretary Jose Cyriac said that'one of the important decision took in the meeting is to authorise KMRL Managing Director Elias George to proceed and look at other alternative funding and other financing agencies also. This is important for two to three reasons becasue we cant put all in one basket.' "That is one of the important thing that one year later they (JICA) should't say there are some problems. So we have to prepare one. Even JICA would support such a position if those who is willing to take risk. Loan is always risk, so if there are any financial agencies to come to cover the risk, they will also be happy,' he pointed out justifying the decision of looking for another funding agency for the project.

Justifying the decision to look for an alternative agency, he said,"we will be exploring other alternatives and finally one could, you know, take from everybody or some of them or from their terms and conditions are not good enough, we could not take it at the end."