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Telangana: Rs 77,500 crore loan for civic vows

Telangana to borrow from Brics bank after Centre's nod.

Hyderabad: The Telangana state government will rely entirely on foreign loans to mobilise Rs 77,533 crore to fulfil its GHMC poll promise of transforming Hyderabad into a global city by creating world-class infrastructure facilities.

The municipal administration and urban development (Maud) department, which had identified 10 key sectors in city that need to be developed on a war footing, has pegged the total expenditure at Rs 77,500cr.

However, the government first needs to obtain approval from the Centre to mobilise such a huge foreign loan.

The government has decided to send the loan proposals to the department of Economic affairs in the Union finance ministry in a week for approval.

The state government wants to secure this entire loan from Brics Bank in China. “If the Centre approves, the government wants to secure the entire Rs 75,000cr loan in three years. Proposals are being sent for sanction of Rs 25,000cr each year. A three-year timeframe has been fixed,” said a Maud official.

( Source : Deccan Chronicle. )
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