By P. Sreekumaran
THIRUVANANTHAPURAM: The Kerala Infrastructure Investment Fund Board (KIIFB) has paved the way for large-scale infrastructure development within Kerala’s acclaimed model of development and social progress.
It has also helped in realizing the vision of “Nava Keralam (New Kerala) where the living standards of citizens match those of developed countries.
Chief Minister Pinarayi Vijayan, who inaugurated the silver jubilee celebrations of KIIFB in Thiruvananthapuram recently, described the State’s flagship and development entity as a transformative force that helped the State overcome years of stagnation.
The momentous occasion entails a close look at the backdrop against which the KIIFB came up. Although Kerala had made gigantic strides in social sector development, the State found poor public infrastructure a major drag on its development ambitions. The annual budget was unable to support the creation of the massive infrastructure the State badly needed. Innovation was the only option to change the situation and find ways to raise funds to achieve infrastructure goals.
The product of that innovation was KIIFB. The game-changer came into existence in 1999. But it received a big boost in 2016 when the Left Democratic Front (LDF) assumed power. The concept was to raise funds for infrastructure development without burdening the State exchequer. The innovation has since revolutionized the way Kerala approaches development, the Chief Minister said.
The hallmark of KIIFB is its decision to ensure inclusive growth without any discrimination. Accordingly, its projects span across every constituency of the State. For instance, more than Rs 5000 crore has been invested to revamp public education. Schools in the State have been modernized with new buildings and smart classrooms. The efforts in this regard have restored public confidence in the education system, the CM added.
KIIFB has also played a stellar role in upgrading infrastructure and in supporting health-care transformation. “Development must touch every region and every citizen. From Manjeswaram to Parassala, Kerala must function as one connected urban continuum, where no area is left behind,” Pinarayi said.
Rebutting criticism on KIIFB’s funding model, the CM said that all financial operations are transparent and professionally managed. KIIFB functions under the guidance of the country’s top financial experts. Funds have been used only for development and repaid properly. There is no room for any doubt or distrust, the Chief Minister averred.
Kerala’s Finance Minister K. N. Balagopal admitted the State faced financial challenges because of the Union Government’s decision to include KIIFB’s borrowings in the State’s overall debt. But no project would be halted for want of funds, he assured, adding that the LDF Government is committed to taking its initiatives forward without letting these constraints affect development.
A notable feature of Kerala’s development model is the paradigm shift towards knowledge-based development, with increased focus on education , healthcare, tourism and research. KIIFB will continue to play a key role in generating revenue and creating job opportunities across all districts.
KIIFB Chief Executive Officer (CEO) K. M. Abraham dismissed criticism against KIIFB as ill-informed and not based on facts. Its borrowings, he assured, are based on secure revenue streams and managed through an AI- and machine-learning based Asset Liability Management System. He also made special mention of the role of two emerging KIIFB associate institutions – KIIFCON, which has successfully delivered projects like Kochi Smart City and KIFML, which will soon become a major source of development funding for the State.
Silencing the prophets of doom and congenital critics, KIIFB has succeeded in bringing about transformative changes in the State’s transport, communication, and energy sectors, social and commercial infrastructure and water supply and sanitation. It has created over 45,000 smart classrooms and established state-of-the-art facilities to take healthcare in the public sector to the next level. It has also succeeded in digitally connecting nearly 30,000 government offices and two lakh households.
As of March 2022, KIIFB has approved 962 projects having a combined outlay of Rs 70,762 crore. A big feat of KIIFB is that it has not only managed to approve a huge number of projects but has also raised the required funds to meet the financing plans approved by it.
The most important contribution of KIIFB is that it has enabled the State to dream big on infrastructure development. The critics have been well and truly silenced. (IPA Service)
