Business Daily from THE HINDU group of publications
Friday, Sep 28, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 28, 2007 ePaper |
|
|
|
|
|
|
|
Industry & Economy
-
Rural Development Nabard loan for rural roads project Our Bureau New Delhi, Sept 27 The National Bank for Agricultural and Rural Development (Nabard) on Thursday entered into a tripartite agreement with the Ministry of Rural Development and the National Rural Roads Development Agency (NRRDA) for providing loan to build rural roads under the Bharat Nirman programme. The total loan assistance from Nabard would be Rs 16,000 crore over the next four years and a special window under the Rural Infrastructure Development Fund (RIDF) has been created to disburse the funds. The agreement was signed by Mr Amaresh Kumar, Executive Director of Nabard, Mr J.K. Mohapatra, Joint Secretary for Ministry of Rural Development, and Ms Gargi Kaul, Director (Finance) for NRRDA. Mr Mohapatra told reporters that about Rs 5,000 crore would be drawn from Nabard during this fiscal under this window. Although the loan arrangement was for four years, he hoped that the entire Rs 16,000 crore would be drawn within three years. The Nabard Chairman, Dr Y.S.P. Thorat, said that the loan would yield a return of 6.5 per cent per annum and had a two-year moratorium for principal repayment. “With this agreement, we (Nabard) will now go into field of financing of rural roads. We hope this would help build credible and sustainable rural roads for the country”, Dr Thorat said. The National Committee on Rural Infrastructure had decided to create a separate window under the RIDF in Nabard to fund the rural road component of Bharat Nirman to the extent of Rs 16,000 crore over four years. More Stories on : Rural Development | Roadways | Financial Institutions
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|