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| IFC is adviser to Vizhinjam project |
| BS Reporter / Chennai/ Kochi Nov 16, 2009, 00:58 IST |
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The International Finance Corporation (IFC), a member of the World Bank Group, will act as the principal adviser to the proposed Vizhinjam International Seaport, near Thiruvananthapuram.
IFC will extend expertise to structure, market and implement the project and to attract serious investors through an open and competitive bidding process, said Lars Thunell, executive vice president and CEO of IFC.
Thunell and Sanjeev Kaushik, CEO, Vizhinjam International Seaport Limited, formally signed an agreement in this regard on Friday.
The state government had earlier invited global tenders to build the port on a BOT (build, operate, transfer) basis, but failed to execute due to legal hurdles and withdrawal of Lanco from the bidding process.
In October, the state government decided to associate with IFC to implement the project in public-private partnership.
Addressing a press conference here, Thunell said IFC would not fund the project, but provide all expertise and advice for the successful its completion.
The agreement envisages six milestones-based assignment to IFC to be completed in an 18-24-month period. The government will provide Rs 80 lakh as fee to IFC, which will update the study report, support inviting tender, evaluate the bids and finally select the private partner for the mega port project. The new port is expected to become a national hub for container traffic.
Kaushik said land acquisition for developing rail-road connectivity to the proposed port would start soon. According to the project, the state government would provide basic infrastructure facilities like rail-road connectivity. Land acquisition and preliminary work on the infrastructure facilities will be completed in 6-8 months.
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