NABARD sanctions RIFD loans to Gujarat

Ahmedabad, Jul 16 (UNI) National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 447.36 crore from its Rural Infrastructure Development Fund to the Gujarat Government for implementation of 844 Rural Road Projects in 24 districts.

K M Rao, Officer-in-charge of NABARD said the work involves improvement and strengthening of the existing Bitumen topped roads, widening of roadway width, carriageway width and cross drainage works in the easy and smooth transportation of farm produce.

He said with this, the cumulative sanction of assistance to Gujarat by NABARD gone up to Rs 6973.85 crore in which the state government has utilised Rs 4500.88 crore so far.

RIDF is a loan from NABARD to government for augmenting infrastructure in rural areas in order to eventually generate more rural income and employment and ensure better remuneration and profitability to farmers in marketing their produce. These are long term loans payable in seven years with a two-years moratorium, he added.

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