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| Azad seeks centre’s approval for $ 720 mn ADB loan for power sector | | Shinde promises decision on transfer of Dul-Hasti within 2 months | | New Delhi | Oct 20
Chief Minister Ghulam Nabi Azad had an hour-long meeting with Union Minister for Power Sushil Kumar Shinde here Friday and discussed in principle approval of $ 720 M Asian Development Bank assistance for power sector in Jammu and Kashmir.
The ADB loan comes at an interest rate of 6 to 7% and would be used for construction of two power projects of Karthai and New Ganderbal, besides for capacity building in power sector.
The Chief Minister was accompanied by Minister for Power, Nawang Rigzin Jora, Economic Advisor to Jammu and Kashmir Government, Dr. Haseeb Drabu and Managing Director, J&K Power Development Corporation, S. K. Nayak. The Union Power Ministry was represented by Secretary Power and senior officers of the ministry.
The State Government expects Union Ministry’s approval for ADB project to receive by November 15, 2007.
Azad also discussed with Shinde the financial closure of the second phase of the Baglihar hydel power project. The latter assured him full support following which the Chief Minister directed the Economic Advisor to meet Chairman, National Power Finance Corporation for tying up the loan. Dr. Drabu met him on Friday itself. The Jammu and Kashmir Government hopes that the deal would be finalized within three months.
The Chief Minister also raised the issue of transfer of Dul-Hasti power project to the State. The Union Minister assured him that decision to this effect would be taken within next two months.
Azad also asked for additional 25% share in un-allocated power from national grid to Jammu and Kashmir for meeting additional requirement during winter which was agreed to. The State was assured that additional power would be made available during the current year.
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