To rebuild Kerala, which was ravaged by floods recently will receive financial support from Germany to Rebuild Kerala Initiative (RKI). The ground is set for the State to receive the first tranche of €90 million of the €170-million financial support being extended by Germany .
On the basis of an agreement signed between India and Germany, the aid will reach the State through the German Development Bank KfW .
The paperwork for the financial aid is in the advanced stage for signing an agreement in New Delhi and the first tranche of the aid is expected in July.
Of the financial assistance, €90 million (₹720 crore) will be a reduced-interest loan to promote climate-resilient reconstruction of transport infrastructure, including bridges and roads.
The paperwork for the second tranche of €80 million (₹640 crore) is on at the State-level and the Centre and the funds may be released to the State in December.
The loan has been based on a report of a team from the German Agency for Technical Cooperation that visited the State in August last year.
Rebuild Kerala is a government initiative for crowd funding of projects envisaged for rebuilding Kerala ravaged by the floods.