The National Bank for Agriculture and Rural Development has offered to help Telangana in a big way by agreeing to fund Rs 5,000 crore over a period of time.
The bank is willing to fund Rs 1,000 crore in 2015-16 for the two ambitious projects — Mission Kakatiya, which is aimed at restoration of all tanks, and Telangana Drinking Water Project.
The bank’s Chief General Manager Jiji Mammen met the Chief Minister K Chandrashekar Rao today to make this offer.
To start with, Nabard will be funding Rs 360 crore this year for Mission Kakatiya, which would be increased to Rs 500 crore in the next fiscal.
As part of the Kakatiya programme, the State Government plans to restore 45,000 tanks in the next five years. It has decided to name the programme as Kakatiya as a tribute to the Kakatiya dynasty rulers who had built the network of irrigation tanks in Telangana.
The drinking water supply project would be funded by Nabard from the Nabard Infrastructure Development Fund loan.
Mammen, however, requested the Chief Minister to break the project into smaller phases so that the bank can put up funds every year.
The Chief Minister said the State Government has decided to reserve 10 per cent from the various irrigation projects being taken up in the State for drinking water.
The offer will be discussed in more details when the Nabard Chairman meets the Chief Minister on March 17.