Nabard Sanctions Rs. 266 Crore RIDF To Punjab State
“Breaking the stalemate, Punjab finally gets first approval for RIDF from NABARD in two years. It has taken immense efforts and persuasion at departmental and personal level to get the things going”, said Mr. Vijay Inder Singla, PWD Minister Punjab while disclosing that the National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rural Infrastructure Development Fund (RIDFXXIV) loan assistance to the tune of Rs 266 crore to the Punjab Government towards up gradation of rural roads and bridges projects.
This loan assistance is for 71 roads and 6 bridge projects in the State. The projects include widening and strengthening of 500 km stretch of existing roads to improve rural connectivity and strengthening/constructing bridges. The projects will be implemented by the Public Works Department. After completing the modalities, the work will commence in 2 months and will be completed in a time bound manner in about 18 months. This is the phase-1 of the project comprises of RIDF loan to the tune of Rs. 213 crore and the State share of Rs.53 crore. Efforts are afoot for obtaining approval from NABARD for other road sector projects in phase-2 of the (RIDFXXIV) which are approximate to the tune of Rs.140 crore, informed the Minister.