Loans sought for pending projects

The Union Assembly held on August 7 discussed the borrowing issue, which was indicated in a letter from the President’s Office, and approved the measure. 

According to negotiations with concerned foreign governments and organisations, the Ministry of Agriculture and Irrigation, Ministry of Construction, Ministry of Posts and Telecommunications, Ministry of Railways, Ministry of Electric Power will use the borrowed funds from banks and organisations from China, Japan and India.

The Ministry of Agriculture and Irrigation will use the funds to implement irrigation systems; the Ministry of Posts and Telecommunications will construct new microwave transmission systems; the Ministry of Railways will buy new train engines, coaches and railroad tracks; the Ministry of Electric Power and will construct more power lines and power stations. 

The funding will be from the Exim Bank (China), CDB (China), Exim Bank (India), and an Official Development Assistance from Japan.