$1 billion IFC deal for rural Punjab
By A Business Correspondent
The International Financial Consortium, which consists of leading banks and foundations, will dole out $1 billion for rural development programmes in Punjab. Announcing this during his two-day visit to the US, Chief Minister Capt Amarinder Singh said the funds would be utilised for improving water supply, sanitation, setting up public amenities and integrated development schemes in rural areas of the state.
In its June 16-30 issue, Project Monitor had reported that the Government of Punjab had chalked out an ambitious plan to provide basic amenities in the impoverished areas of the state. IFC was to bear 50 per cent of the total project outlay as the first instalment. The loan would be repaid in 30 years at 1 per cent interest.
The Netherlands and Japan are also keen on participating in the mega project.