Five years after mobilising ₹2,150 crore through masala bonds to fund KIIFB projects, the state government ended up paying ₹1,045.44 crore in interest alone. The amount raised in 2019, with a five-year tenor, was fully repaid by March 2024 at an interest rate of 9.723 per cent.

The government had cleared 1,190 projects to be executed through KIIFB, with a combined outlay of ₹90,473.64 crore. Of this, projects worth ₹34,894 crore were sanctioned to departments under Minister P A Muhammed Riyas.

The Public Works Department received the largest share, with projects worth ₹34,255 crore, while the Tourism Department received projects worth ₹639.14 crore. Departments under the Chief Minister, meanwhile, received projects amounting to ₹2,645 crore.

However, when Kannur DCC general secretary E R Vinod sought details of the institutions that purchased the masala bonds, KIIFB did not provide a clear response. It merely stated that 16 firms across different sectors had invested in the bonds.

The opposition had earlier alleged that funds amounting to ₹1,045.44 crore were repaid over five years to firms, including CDPQ, a Canadian funding agency. Vinod said he sought the investor details in view of the reported links between CDPQ and SNC-Lavalin, which is accused of bribing politicians for securing a contract from KSEB.

From 2017–18 until July 2025, a total of ₹36,610 crore has been spent through KIIFB. The funds mobilised during this period include ₹7,450 crore in bank loans, ₹4,808 crore from NABARD, ₹5,650 crore through bonds, ₹4,746 crore from REC, ₹3,780 crore from HUDCO, ₹1,718 crore via Pravasi Chits, ₹1,500 crore from KFC, ₹871 crore from PFC, and ₹33 crore through the Pravasi Dividend Scheme. KIIFB also received ₹15,585 crore through the motor vehicle cess and ₹4,582.94 crore through the petroleum cess.