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Government to fast-track 8 projects to fast-track 8 projects
The State government has decided to fast-track eight irrigation projects proposed under Accelerated Irrigation Benefit Programme (AIBP). These include the likes of Thotapalli, Vamsadhara, Handri-Neeva and others. This decision was taken to comply with the provisions in the Central government’s newly-constituted Special Purpose Vehicle (SPV) to provide funds for projects.
Hyderabad: The State government has decided to fast-track eight irrigation projects proposed under Accelerated Irrigation Benefit Programme (AIBP). These include the likes of Thotapalli, Vamsadhara, Handri-Neeva and others. This decision was taken to comply with the provisions in the Central government’s newly-constituted Special Purpose Vehicle (SPV) to provide funds for projects.
As many as eight projects under AIBP were fast tracked to comply with the provisions of Central government’s newly created SPV
It is said that even the Centre is facing constraints in providing funds to the projects under AIBP. However, as more than half of the districts in the country are under severe drought, it has constituted an SPV and unlike in the past, made funds available for projects under AIBP, apart from providing a time line to complete them.
According to the sources, NABARD will be a stake holder in SPV, it would provide funds and the Centre would give counter guarantee. “The Centre will provide 60 per cent of its loan component and remaining 40 per cent has to be borne by the State as a form of loan from NABARD. The Centre would bear the interest over the funds utilised by the State.
However, the project has to be completed as per the timeline given at the time of availing funds,” sources said. If the project is not completed within the time line, the State will have to bear the entire project cost. This provision has been introduced in wake of sluggish pace in executing projects approved under AIBP.
Keeping in view the new provision, the State Water Resources department has decided to fast track eight projects under AIBP to be completed in next two years. However, sources said that Centre said that they would provide funds only for the pending AIBP projects.
