State to Raise Loans from Foreign Agencies - The New Indian Express

State to Raise Loans from Foreign Agencies

Published: 03rd June 2014 08:37 AM

Last Updated: 03rd June 2014 09:30 AM

BANGALORE: The government plans to raise loans from external funding agencies for the proposed Rs 12,912 crore Yettinahole drinking water project.

Water Resources Minister M B Patil told reporters here on Monday that the government plans to raise loans from overseas funding agencies, including the World Bank, Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA).

“While the project cost is around Rs. 12,000 crore, there is a proposal to seek financial assistance of over Rs. 9,000 crore,” he said.

The Chief Minister will soon convene a meeting of prominent personalities and environmentalists to allay the fears over the project, he added.

Stating that all formalities on the project has been completed before the laying of the foundation stone recently, he said the project will be renamed as ‘Comprehensive Drinking Water Project.’

The civil works of the project will kick start in a couple of months, Patil said and added that the project will be commissioned within two years. Replying to questions, the minister said Chief Minister Siddaramaiah, who had earmarked Rs. 10,000 crore to the Water Resources Department, has agreed to provide an additional budgetary support of Rs. 3,500 crore.

He said senior Supreme Court advocate F S Nariman, who is also the state’s counsel on the Krishna, Cauvery and Mahadayi water disputes, is in Karnataka on a private visit.

“I will utilise this opportunity to meet Nariman and discuss issues related to inter-state water disputes,” he added.

PIL Over Project Dismissed

Bangalore: The High Court on Monday dismissed a petition seeking directions to the state government to withdraw the Yettinhole project. Petitioner K N Somashekar had moved the High Court seeking withdrawal of the project stating that forests will be affected if the project is implemented. The division bench stated that there is no merit in the case.

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