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Kerala Infrastructure Investment Fund Board (KIIFB) was constituted by Government of Kerala as a Body Corporate
financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...
in the
Indian state India is a federal union comprising 28 states and 8 union territories, with a total of 36 entities. The states and union territories are further subdivided into districts and smaller administrative divisions. History Pre-indepen ...
of
Kerala Kerala ( ; ) is a state on the Malabar Coast of India. It was formed on 1 November 1956, following the passage of the States Reorganisation Act, by combining Malayalam-speaking regions of the erstwhile regions of Cochin, Malabar, South Ca ...
to mobilize funds for infrastructure development from outside the state revenue. KIIFB is a statutory body constituted by the 'Kerala Infrastructure Investment Fund Act, 1999' (Act 4 of 2000). The current mandate of KIIFB is to provide funding support to priority major projects at a total outlay of INR 50,000 Cr in five years starting from the financial year 2016-17. So far KIIFB has approved 821 projects for INR 60,102.51 Cr. The projects cover all the vital sectors like Education, Health Care, Transport (roads, bridges, waterways and light metro rail), Electricity, Water Supply etc


Funding Process

KIIFB's funding process starts either with declaring priority projects for KIIFB funding in the State Budget Speech or with a decision of the Council of Ministers for the same. Following it, the Administrative Departments concerned issue Administrative Sanction Orders and appoint Special Purpose Vehicles (SPVs) for the preparation of detailed implementation plans and implement the same. From that initial stage onward KIIFB arranges expert support for Administrative Departments and SPVs to develop all project-related documents following standards to ensure KIIFB's funding approval and enter into the implementation phase on a time-bound manner.


Issuance of Masala Bond

KIIFB has become the first sub-sovereign entity in India to tap the offshore Rupee international bond market with the USD 312 million equivalent (₹ 2,150 crore) senior secured fixed-rate bond - Masala Bond. The bond, with a five-year tenor and a 9.723 per cent interest , has been admitted to London Stock Exchange’s International Securities Market (ISM) on 17 May 2019.


Kerala Nirmithi Awareness Campaign

On 20 December 2019, KIIFB started a 13 months long infrastructure awareness campaign called Kerala Nirmithi to familiarize people with the need for infrastructure projects and the projects taken up with the funding support of KIIFB. It is being conducted in all the districts of Kerala. The expo connected to the campaign gives people opportunity to see 3D models and Virtual Reality presentations of infrastructure projects and to discuss the technical details with experts. Competitions for students are also being organized.The times of India: Petrochemical park will offer 15,000 jobs: Pinarayi Vijayan (Report on Kerala Nirmithi inauguration)
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See also

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Economy of Kerala The economy of Kerala is the 9th largest in India, with an annual gross state product (GSP) of in 2020–2021. Per-capita GSP of Kerala during the same period is , the sixth largest in India. In 2019–20, the tertiary sector contributed arou ...
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Roads in Kerala Kerala, a state in Southern India, has a network of 11 National Highways, 72 State Highways and many district roads. Features Kerala has of roads, which accounts for 5.6% of India's total. This translates to about of road per thousand ...
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Education in Kerala The importance and antiquity of education in Kerala are underscored by the state's ranking as among the most literate in the country. The educational transformation of Kerala was triggered by the efforts of the Church Mission Society missionar ...


References

{{Kerala topics State agencies of Kerala 1999 establishments in Kerala Government agencies established in 1999 Infrastructure in India