Kerala became the first State in the country to have its initiative, the Rupee-denominated masala bond of Kerala Infrastructure Investment Fund Board (KIIFB) listed on the London Stock Exchange.
Though back home there has been a series of allegations against the initiative, especially with a major stockholder in the controversial SNC Lavalin becoming a major subscriber to the bond and no post-flood redevelopment happening as the State awaits the next spell of monsoon, Pinarayi Vijayan also became the first Chief Minister to inaugurate the listing ceremony.
He was accompanied by State Finance Minister Thomas Isaac and Chief Secretary Tom Jose at the function which was held at Montcalm Royal London House Hotel. KIIFB was listed as part of the initiative to raise capital investment of Rs 50,000 crore for development of basic facilities in the State over the next three years.
The August 2018 flood had devastated the State and efforts at rebuilding were yet to begin. Already fund starved, the new initiative is seen by a section of experts as a step towards nudging the State further into debt. Pinarayi is expected to inaugurate the KSFE chitty for expatriates in Europe. Of all the ventures, the KSFE chitty has been among the few successive government ventures. Back home and in Gulf countries, the initiative has over the years tasted big success.