Cost
The total cost of the Kochi Metro project is 5181.79 crore (US$950 million). As per the sanction of the Public Investment Board (PIB), the Central Government will make a contribution of 10022.3 million (US$180 million), the Kerala Government a contribution of 17722.3 million (US$330 million) and 2174 crore (US$400 million) will be raised as loan from Japan International Cooperation Agency (JICA). Taxes on the project will come to about 237.33 crore (US$44 million) which will be borne by the Kerala Government along with any escalations. JICA has agreed to offer loan at an interest rate of 1.50%. However, KMRL is looking for other alternatives to offset changes that may occur in conversion rate of the yen. The total estimated cost of land acquisition is 11.10 billion., higher than the 6.72 billion estimated as per the original plan.
An amount of 25 crore (US$4.6 million) had been allocated by KM Mani, finance minister of Kerala, in his 2011 budget for the development works of Kochi metro The 2012 Union Budget allocated 30 crore (US$5.5 million) for the Kochi Metro project. It was for the first time the Centre made a major budget allocation for the project. In the 2012 State Budget, finance minister K. M. Mani, allotted 119 crore (US$22 million) for the Kochi Metro project. On 26 October 2012, the State Government issued an order adding a surcharge of 5% on petrol and diesel sold in the state over the next 10 years to part finance the proposed Kochi Metro and monorail projects in Kozhikode and Thiruvananthapuram. The State Government earns approximately 50 billion annually from petrol and diesel sales in Kerala. Based on this figure, the surcharge is expected to earn the government an additional 2.50 billion annually.
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