Canara Bank is extending a Rs 1170 crore term loan for Kochi Metro Rail. An agreement in this regard will be signed between the bank and KMRL. The loan is for a term of 19.5 years with a seven year moratorium. The rate of the floating interest will be 10.8%. The total cost of the Kochi Metro project is Rs 51,181 crore, in which Rs 2,170 is from external funding. KMRL had already signed agreement with Agence Francaise de Developpement for 180 million Euros. Now with the Canara Bank loan, the approved external funding requirements are met and financial closure is formally completed. KMRL managing director Elias George said with the robust financial assistance through a balanced mix of external and domestic funding from two of the most reputed funding agencies, the company can now go ahead confidently with the project implementation.