Srinagar, January 11: Work on more than 1,000 projects approved for execution under overdue projects in 2018 has been halted as program funds have run out and the bank sponsoring the initiative has reached its limit. Credit limit.
The governor’s administration in June 2018, identified around 6,000 projects as languishing because they had been launched without funding and required special attention. In September 2018, the government created the Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) with the mandate to raise loans for these projects in the amount of Rs 800 crore.
The JKIDFC has approved funds for more than Rs 2,367 projects blocked by a high level committee in 2021. 7152.49 crores. More than 1200 projects have been completed to date. But funding issues have delayed the completion of the rest of the projects, ”said an official familiar with the details, adding that the program was launched to complete projects that have been at a standstill for more than 10 years without putting pressure. additional financial support on the government. .
However, the entrepreneurs who were given the projects lamented that the flow of funds was smooth in the first year and that funds started to decline thereafter. “We are awaiting invoices for completed work and claims for completed work have been submitted for payment. “The projects are of great public importance, but the lack of funds is hampering their progress,” said Kashmir Entrepreneurs Coordinating Committee Chairman Ghulam Jeelani Purza.
The projects, which are of great public importance, were on hold in several departments of J&K, including the Electricity Development Department, Jal Shakti and Horticulture Departments, Haritar Water Supply Program, the water supply program, Ningli Ghat, the water supply program, the food park. , Water Supply Scheme and Amarpora Tarzoo are some of the pending projects in Jal Shakti County. Projects such as the creation of fruit and vegetable markets in Sopore, for example, were also included in the project. Road widening and modernization projects are also underway in Sopore, Rawooch, Hamam-Manarkoot and Rafibad.
Shafat Yaha, Managing Director of JKIFC, told Excelsior that they have invited Expressions of Interest (EoIs) from reputable RBI-regulated banking and financial institutions / companies in the country to submit written proposals for the grant. of loans of Rs 2,000 crore to be used during the remaining months of the current fiscal year 2021-2022 and the first quarter of the following fiscal year (2022-2023).
“We have to approach these financial institutions because we depend on them. By January 21, we will have opened the EIOs, and the money will be available by the end of the month, ”noted Shafat Yaha.
He said they issued a notice to Jammu and Kashmir Bank, which was funding the projects and had stopped funding due to its credit limit being exceeded. “We have sent them a notice to clarify their position on whether or not they want to continue their approval,” he said.