In a historic move which will benefit generations to come in Andhra Pradesh, NABARD has agreed to fund the Polavaram Project. The Agency had agreed to give 7000-8000 Crore per year. NABARD agreed to this in principle in a high-level meeting with the state and central officials. It is known that Center has agreed to fund 100% of the irrigation component of this project from the day it was deemed as a National Project.
A crucial agreement over the NABARD funding will be signed on October 15th. The first phase loan may be sanctioned by that day as well which will also reimburse the amount spent by the state government so far. The center itself will repay this loan and the loan amount will be added to the Center’s FRBM limit.
However, NABARD had brought to the notice of the officials that the center did not notify the Special Package clauses officially. The agency had informed that it should be officially notified to get the loan. The center is expected to do that very soon. On the other side, the center has also agreed to fund the project according to latest estimations and asked the state government to come up with the exact figures.
The state government will be preparing the document of the loan proposal and that will be sent to the Union Water Resources Ministry. After the ministry’s approval, it will be forwarded to Niti Aayog, Union Finance Ministry, Prime Minister’s Office, AP CMO and NABARD. Finally, the historic agreement will be signed on October 15th.
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