Kerala Infrastructure Investment Fund Board (KIIFB) was constituted by Government of Kerala as a Body Corporate financial institution in the Indian state of Kerala to mobilize funds for infrastructure development from outside the state revenue.[1][2] KIIFB is a statutory body constituted by the 'Kerala Infrastructure Investment Fund Act, 1999' (Act 4 of 2000).
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| Abbreviation | KIIFB |
|---|---|
| Formation | 1999 |
| Headquarters | Thiruvananthapuram, India |
Chairman | Pinarayi Vijayan (Chief Minister of Kerala) |
Vice Chairman | K. N. Balagopal (Finance Minister of Kerala) |
CEO | K.M. Abraham, Ex-officio Secretary, Finance (Infrastructure), Kerala |
Parent organization | Finance Department, Govt. of Kerala |
| Website | kiifb |
The current mandate of KIIFB is to provide funding support to priority major projects at a total outlay of INR 50,000 Cr in five years starting from the financial year 2016-17. So far KIIFB has approved 821 projects for INR 60,102.51 Cr.[3] The projects cover all the vital sectors like Education, Health Care, Transport (roads, bridges, waterways and light metro rail), Electricity, Water Supply etc.[4][5]
Funding Process
editKIIFB's funding process starts either with declaring priority projects for KIIFB funding in the State Budget Speech or with a decision of the Council of Ministers for the same. Following it, the Administrative Departments concerned issue Administrative Sanction Orders and appoint Special Purpose Vehicles (SPVs) for the preparation of detailed implementation plans and implement the same. From that initial stage onward KIIFB arranges expert support for Administrative Departments and SPVs to develop all project-related documents following standards to ensure KIIFB's funding approval and enter into the implementation phase on a time-bound manner.[6]
Issuance of Masala Bond
editKIIFB has become the first sub-sovereign entity in India to tap the offshore Rupee international bond market with the USD 312 million equivalent (₹ 2,150 crore) senior secured fixed-rate bond -Masala Bond.[7] The bond, with a five-year tenor and a 9.723 per cent interest , has been admitted to London Stock Exchange’s International Securities Market (ISM) on 17 May 2019.[8]
Kerala Nirmithi Awareness Campaign
edit
On 20 December 2019, KIIFB started a 13 months long infrastructure awareness campaign called Kerala Nirmithi to familiarize people with the need for infrastructure projects and the projects taken up with the funding support of KIIFB. It is being conducted in all the districts of Kerala. The expo connected to the campaign gives people opportunity to see 3D models and Virtual Reality presentations of infrastructure projects and to discuss the technical details with experts. Competitions for students are also being organized.[9]
See also
editReferences
edit- ^ Hindu: Big push for infrastructure in Budget
- ^ Indian Express: Kerala Budget: Infrastructure projects get a major fillip
- ^ The New Indian Express, Report dated 25th Nov, 2020
- ^ Financial express:Kerala to mobilise Rs 50,000 crore for infrastructure development
- ^ KIIFB: Projects page of official website
- ^ KIIFB Funding Guidelines: Government Order (MS) No.69/2018/Fin dated 24/02/2018 from the official website
- ^ Business Today: Kerala board celebrates London Masala Bond listing
- ^ The Hindu Business Line: Kerala board celebrates London Masala Bond listing
- ^ The times of India: Petrochemical park will offer 15,000 jobs: Pinarayi Vijayan (Report on Kerala Nirmithi inauguration)