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news details
JKIDFC slow on raising funds for languishing projects
2/23/2019 11:48:06 PM
Early Times Report

Jammu, Feb 23: Although the State Government had shown serious concern over languishing projects across the State and had set up Jammu and Kashmir Infrastructure Development Fund Corporation to assist the departments to complete the projects by providing financial support but the snail pace adopted by the later to raise the loans has been diminishing the sole purpose.
Sources told Early Times that the Jammu and Kashmir Infrastructure Development Fund Corporation was established around five months ago and had fixed the target to raise Rs 8000 crore so that the incomplete, abandoned projects in thousands due to lack of funds be completed so that the people may be benefited.
"The funds in thousands crore were required for the purpose which had to be raised from the banking sector as loans and in this connection there was a huge hope from the State' own Jammu and Kashmir Bank which could play vital role in this entire process but the lackluster attitude of the JKIDFC, it failed to sign even Memorandum of Understanding (MoU) till date obstructing the availability of financial assistance from the Bank," they said further adding that there was a proposal to involve more banks to raise fund but its failure to take the State' own bank on board had caused huge setback.
They said that JKIDFC had sought Expression of Interest from the banking and financial institutions for advancing loans. Although it was expected that a lot of time will be taken to raise such a big amount but its failure to raise even small amounts so that languishing projects may be started. "Immediate after the government' order to complete languishing projects, the Chief Secretary has asked the concerned departments to start the work on abandoned projects and consequently the works were started but it has been learnt that the bills of payment for few works done are still laying pending for clearance" they said.
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