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Water Resources Ministry, NABARD enter into Memorandum of Agreement
The present agreement would facilitate the State governments to borrow funds from NABARD and these loans could be paid back in 15 years with a grace period of three years.
New Delhi: A Memorandum of Agreement (MoA) was signed by the Ministry of Water Resources and NABARD here on Tuesday to facilitate borrowing of Central assistance from NABARD by the State governments as per year-wise requirements. The agreement was signed in the presence of Union Minister for Water Resources Uma Bharati.
Addressing the gathering later, Uma Bharati said that Rs 77,000 crore would be raised during the next four years from the market for speedy implementation of 99 prioritised projects under Accelerated Irrigation Benefits Programme (AIBP) throughout the country. The Minister said 56 AIBP projects out of the prioritised projects would cover all most all drought prone districts of 18 States of country.
She expressed the hope that with regular monitoring and speedy implementation, the government would be able to complete all the 99 projects well ahead of the schedule. Union Minister of State for Water Resources, Dr Sanjeev Balyan, Vice-Chairman of NITI Ayog Dr Arvind Panagariya, Water Resources Ministers of Telangana, Chhattisgarh and Maharashtra, T Harish Rao, Brijmohan Agrawal and Girish Majahan, and Shashi Shekhar, Secretary, Ministry of Water Resources were present.
T Harish Rao explained later that the Task Force formed under the Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) twenty three projects (Priority-I) were to be completed by 2016-17 and another 31 projects (Priority-II) were to be completed by 2017-18. Rest of the 45 projects had been identified to be completed by December, 2019.
The Finance Minister too in his budget speech during 2016 had announced for creation of dedicated Long Term Irrigation Fund (LTIF) in NABARD with an initial corpus of about Rs 20,000 crore and an amount of Rs 12,517 crore had been provided as budgetary resources and market borrowings during 2016-17.
The present agreement would facilitate the State governments to borrow funds from NABARD and these loans could be paid back in 15 years with a grace period of three years.
