SHILLONG, December 21: The State Government will take a loan of ₹1500 crores from the National Bank for Agriculture and Rural Development (NABARD), a special loan granted through the NABARD Infrastructure Development Assistance (NIDA), to be utilised for the implementation of infrastructure development work of the Government.
The Chief Minister of Meghalaya, Conrad Kongkal Sangma said that this loan is given as per the earning estimates of the state, prepared by NABARD itself, and it will be implemented as a Public Sector Undertaking (PSU). He said that through this loan, the Government will newly build and upgrade 40 Block offices, Civil Sub-Divisions, LP Schools, administrative offices, offices of the Superintendents of Police as well as police stations.
He stated that the Government is seeking ₹1500 crores and the Cabinet Ministers have also given their approval to take this loan.
Responding to a query, Sangma said that this loan is to be repaid in 15 years at the interest rate of 7.5%.
#NABARD#PSU#meghalaya#Conradsangma
