The Lead

Funding for languishing projects: JKIDFC enters agreement with IOB for Rs 1000 Cr

SRINAGAR; The Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) Limited has entered into an agreement with the Indian Overseas Bank (IOB) for availing a loan of Rs 1000 crore for funding of the languishing projects.

Officials told that JKIDFC has entered into an agreement with the Indian Overseas Bank for availing a loan of Rs 1000 crore for completion of the development projects which were at different stages. “This is a very important step which shall pave the way for timely and smooth clearance of payments for completion of these projects in a transparent manner,” an official said, adding that this endeavour is believed to usher a new era of infrastructure development in the UT of J&K leaving almost no project to languish further for want of funds now.

The additional chief secretary Finance/CMD JKIDFC in his message said that the implementing departments/PIAs, which are already on the job for completion of these languishing projects shall now speed up the pace of work on all these projects and ensure completion of all these projects with regular monitoring—(KNO)

 

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