Thiruvananthapuram: The Kerala Infrastructure Investment Fund Board (KIIFB) cleared projects to the tune of Rs 1,353 crore at its executive committee meeting held here Friday.
Out of the thirty-three projects that were accorded sanction, as many as thirty-two were construction projects under the public works department.
The estimated cost of the 276 projects that have been approved so far is Rs 18,939 crore.
Projects worth Rs 3,000 crore would be cleared in the first week of February.
Finance Minister Thomas Isaac said that the global rating agency CRISIL, has accorded 'A+ Rating' to KIIFB endorsing its credit-worthiness.
“Now it will be easy to source funds for KIIFB from various agencies as loan. Out of the Rs 18,939 crore worth proposals that have been given the nod so far, projects worth Rs 1,000 crore face financial constraints. The tenders for the rest of the projects will be floated soon. Next year, we are hoping to float tenders for projects costing around Rs 30,000 crore," the minister said.
According to him, the drop in purchasing power and the dipping trend in NRI remittances is a matter of concern.
The mega infrastructure projects under KIIFB is expected to help the state mitigate the impact of the current economic slowdown.