• Saturday, August 13, 2022


Flood-ravaged Kerala seeks at least $1.4 billion loan for reconstruction

A volunteer cleans a house following floods on the outskirts of Kochi in the southern state of Kerala, India August 22, 2018. REUTERS/Sivaram V

By: Keerthi Mohan

KERALA will seek to borrow more than Rs 100 billion ($1.4 billion) to finance reconstruction work after heavy rains claimed nearly 400 lives, its chief minister said yesterday (21). The proposed loan is part of a special package that the southern Indian state, which estimates it has suffered damage of at least Rs 200bn , will seek from prime minister Narendra Modi’s government for rebuilding efforts, state chief minister Pinarayi Vijayan said. Kerala will ask Modi’s government to raise the state’s borrowing ceiling to 4.5 per cent of its GDP from three per cent, which will help raise an additional…

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