A financial action plan of Rs 133 crore for the Kannur airport has been approved by the Kerala State Cabinet. The State Chief Minister Oommen Chandy said that the amount is being sanctioned to bridge the viability gap as there will be delay in getting loans from banks.
Chandy said that the airport is expected to start functioning by 2015.
The sum approved is to be released as grant by including it in the budgetary allocation of this year. The project report of the Kannur airport says that an amount of Rs 133 crore was kept as the financial action plan for the next five years.
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