Cabinet approves 1,016cr AIIB loan for Kochi Metro Phase II

Kochi: In a major development that will fast-track Kochi Metro Phase II project, state cabinet on Wednesday granted permission to Kochi Metro Rail Ltd (KMRL) to secure a loan of Rs 1,016.24 crore from Asian Infrastructure Investment Bank (AIIB) for the highly anticipated Pink Line from Jawaharlal Nehru (JLN) Stadium to Infopark via Kakkanad."KMRL has been officially authorized to enter into loan and project agreements with AIIB," said a source.Stretching 11.2km, Phase II extension is expected to be a game-changer as it will benefit thousands of IT professionals and collectorate employees. By providing a seamless, traffic-free connection to Special Economic Zone (SEZ), the project aims to drastically reduce commuting times and ease the perennial congestion on Seaport-Airport Road.While original plan was to open first five stations of Phase II by June 2026, fund crunch affected pace of construction activities. KMRL managing director Loknath Behera recently said Kochi Metro's focus is on finishing at least civil and electrical works on the stretch between JLN Stadium and Padamugal by that time.Despite the near completion of piling work (80%), progress on critical civil works, especially viaduct construction, has remained a concern. With financial framework now in place, KMRL is poised to accelerate civil works and station construction. The development will now facilitate it to complete Pink Line work by Dec 2026, the scheduled deadline, sources added.Afcons Infrastructure Ltd is entrusted with the Rs 1,141.32 crore contract for civil construction of Phase II project. First reach of Pink Line includes five stations — Palarivattom Jn, Palarivattom Bypass, Chembumukku, Vazhakala and Padamugal. Second reach includes Civil Station Junction, Cochin SEZ, Chittethukara, Kinfra and Infopark stations.