Agency reports indicate that the International Finance Corporation (IFC) would soon submit the environment impact assessment (EIA) report for the proposed Vizhinjam Port.
Part of the World Bank Group, IFC is the largest global development institution focused exclusively on the private sector in developing countries.
After receiving the EIA report, the Kerala government would submit the same to the Ministry of Environment and Forest (MoEF). The EIA has been done over three seasons extending over a period of 18 months.
After receiving the approval of the MoEF, the state government would float tender for the project, which is under preparation. The project to be completed in three phases has been in the drawing board of three previous governments.
About five years ago, the project cost was estimated at Rs 5,000 crore. But it was revised by the present Oommen Chandy government to Rs 4,010 crore for the first phase.
The proposed Vizhinjam port is to come up near the famed tourist destination of Kovalam. It is located close to a busy international shipping route and it is envisaged to handle 4.1 million containers annually after the completion of the project.
The proposed site has a natural depth of 24 metres, one of the deepest in the world and hence requires no dredging.
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