NABARD sanctions financial asistance for Tripura

Agartala, Feb 21: National Bank for Agriculture and Rural Development (NABARD) has sanctioned further financial asistance of Rs 59.87 crore to Tripura for construction of 26 rural bridges.

This makes the cumulative sanction from Rural Infrastructure Development Fund (RIDF) to the state to Rs 161.30 crore, an official release today said.

The sanction from RIDF is the highest till now to Tripura as well AS to the entire Northeast. NABARD has already sanctioned RIDF loan of Rs 74.33 crore in November last for the construction of 145 rural bridges and Rs 21.21 crore for 133 deep tubewells in the state.

With this additional sanction, the total amount of assistance to PWD (R and B) has reached Rs 134.20 crore for construction of 171 bridges in the state. NABARD has already released mobilisation advance of Rs 16.05 crore to PWD ( R and B) of the state towards earlier sanction for purchase of raw material and for the commencement of the work on the project sites in January this year.

The interest rate on financial assistance from the fund has been linked to the bank rate, which is presently 6.5 per cent. The loan is payable in five annual instalments over a period of seven years including first two years of grace period, the release said.

The NABARD has sanctioned the said amount against the normative allocation of Rs 66 crore for the state under RIDF-XII, keeping in view the need for improving the infrastructure of strategic advantage for creating a favourable investment environment in the state, the release added.

UNI