Goa Government acquired Rs. 460CR for construction of new Mandovi Bridge

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According to the news published in the local daily of Goa, the Goa government has acquired loan of Rs. 460CR from financial institute NABARD for the construction of the new Mandovi Bridge which is being constructed at the cost of Rs. 514CR. NABARD is the financial institution leader in the infrastructure finance sector in India and they have contributed about 90% of the project cost of the new Mandovi Bridge.

Mr. B B Sethi who is the general manager of NABARD has revealed this information to the media, he said that the sanction letter for the said loan will be issued in 3 to 4 working days and the disbursement of the loan amount will follow accordingly.  The loan has been sanctioned to the implementing agency GIIDC who is handling this project for the tenure of 12 years at the rate 10.5 per cent. According the information provided by Mr. Sethi the lending process for the third mandovi bridge which will be Goa’s biggest and most high profile project is on for the last several months and which has finally culminated into the sanction.

Mr. Sethi further said that the bridge is a very big project for them and they are also financing the Keri bridge at Tiracol which is estimated at Rs. 92.9CR and NABARD will finance Rs. 74.3CR as a loan to this project. Although the Keri project interest rates will be much lower compared to Mandovi bridge since it is coming under Rural Infrastructure Development fund, Mr. Sethi clarified.

NABARD has sanctioned Rs. 309.4CR till date for the projects coming under RIDF in the year 2014. Out of the total five projects two are drinking water supply projects at Amthane (Rs. 48.8CR) and Ganjem (Rs. 68.1CR) whilre remaining three includes the Keri Bridge, 4 Public Health Centers at Shiroda, Cuschorem, Cansaulim & pernem (Rs. 101.9CR) and 4 Roads (Rs. 16.3CR). NABARD has sanctioned over 80% of the project total project costs for the above.

The other non-RIDF (Non-Rural Infrastructure Development Funds) consists of Sewerage Network in porvorim for Rs. 7069CR and disbursement of Rs. 14CR for the grounding projects. NABARD is the financing body which provides the cheap agriculture and infrastructure development loans, said Mr. Sethi. “Goa does not have the encouraging market in the agriculture finance, lending to farmers through the Banks and Joint liability groups is just about 5% of total lending of financial intermediaries. About six-seven banks, he said, are interested in lending to farmers but there are few takers for the same. Locals lack interest in farming while other hurdles are land documents and non-availability of labour, he said.

News Source : The Navahind Times

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