Kerala government has plans to raise Rs 5000 crores Masala bonds for Kerala Infrastructure development Investment Fund Board KIIFB, in Singapore and London by June 2018.Axis Bank has been appointed as arranger bank as per the norms stipulated by the Reserve Bank of India. This venture, two agencies” Fitch rating” and “S&P rating” has been selected for credit rating.The rupee-denominated bonds are to be floated abroad at an affordable rate for the projects.
Meanwhile, KIIFB has 68 projects needing Rs 2042.13 crores to conduct flyovers, hill highway, drinking water schemes, infrastructure development of schools and colleges and stadium for sports.
KIIFB has a huge number of projects on hand , 367 with a requirement of Rs 22,100 crores.
The highlight would be for the first time in Kerala’s history, cycle track in the hill highway is included, to be built as per the Indian Road Congress Standards to entice tourists who would like to see Kerala on a bicycle.