The National Capital Region Planning Board (NCRPB) has not only reduced interest rates on loans for infrastructure by 0.5 per cent but also increased the window for loan repayment from 10 years to 20 years for Metro and rail projects in the NCR, Union Urban Development Minister M Venkaiah Naidu said Wednesday.
Chairing the 36th meet of the board, Naidu said, “NCRPB is a unique example of inter-state and inter-agency coordination and regional development in the country for a region which is spread over about 54,000 sq km… and accounts for more than 5.5 crore population encompassing areas of 22 districts and NCT-Delhi.”
Naidu said the NCRPB provided financial assistance for 295 infrastructure projects worth Rs 27,309 crore till March 2016. “Among all the market borrowing options available to the Delhi government, NCRPB loans are the most attractive….” He said the board has sanctioned a loan of more than Rs 3,100 crore for infrastructure development projects in the NCR. The board has also sanctioned a loan of more than Rs 1,500 crore for Metro project in Noida, he added.
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Haryana Chief Minister Manohar Lal Khattar and Delhi PWD Minister Satyendar Jain were among those at the meet.
Interest rate for priority sector projects was reduced from 7.50 per cent to 7 per cent, and for land development projects, from 9.25 per cent to 8.50 per cent. Priority sector projects include water supply, sewerage and solid waste management.
Naidu said the board decided to increase the loan repayment period from 10 years to 20 years, including moratorium period of 5 years for repayment of principal, as a policy, for all existing and new Metro/rail projects in the NCR receiving financial assistance. He also announced work can begin on three Regional Rapid Transit System (RRTS) corridors: Delhi-Alwar, Delhi-Panipat and Delhi-Meerut. He hailed RRTS, conceived by the NCRPB, as a trendsetter.