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Kochi: Govt Medical College loan repayment over, paves way for KIIFB loan


Kochi: Govt Medical College loan repayment over, paves way for KIIFB loan

Kochi: The Ernakulam District Cooperative Bank has been made a payment of Rs 58 crore by the state government to close a loan taken by Government Medical College almost 15 years ago. The payment has been made to clear a major hurdle in the way of getting the Kerala Infrastructure Investment Fund Board (KIIFB) approval  for granting funds for the development of Government Medical College, Ernakulam

The district cooperative bank had given a loan of Rs 25 crore while the hospital was under the management of Cooperative Academy for Professional Excellence,(CAPE).

On account of the  CAPE failing to pay back the loan, the principal amount and interest accrued to reach a figure of  Rs 90 crore. The Rs. 370 crore loan from the KIIFB for the super specialty block project for the college has been delayed primarily due to the CAPE debt on the college. Rs. 32 crore was paid back last year by the government as repayment of loan taken.

“Clearing all existing dues is important for getting funds from agencies like KIIFB. Now that the medical college is free of debt, the KIIFB is expected to give the approval for the project soon,” an official associated project stated

The KIIFB funded super specialty block project entails construction of super specialty block, common amenities center, staff quarters, PG quarters for ladies and gents, and indoor stadium cum auditorium and gymnasium. The funds will be released in a phased manner.

Money for other structures will be allotted in subsequent phases. The director KIIFB would meet the college authorities in mid-April and the tender proceedings are likely to begin in  May for the super specialty project, reported TOI.

“It will take around two months for completing the tender procedures and awarding the work. The construction work may begin by end of June,” said an official.

Estimated to be built at the cost of Rs. 200 crore the super-specialty block will house departments of gastroenterology, cardiology, nephrology, neurology, neuro-surgery apart from operation theatres. Following is the divided cost of the project:

  • equipment, furniture, and furnishing for the super specialty block around Rs 25 crore.
  • staff quarters -Rs 78 crore
  • PG quarters – Rs 29 crore.
  • common amenities center Rs 12.23 crore
  • indoor stadium cum-auditorium and gymnasium-Rs 6.38 crore.


Source: with inputs
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