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Funding issues delay completion of more than 1000 languishing projects in J&K

Last Updated on January 12, 2022 at 11:15 am

Nearly 1000 projects in Jammu and Kashmir that were approved for execution under languishing/unfunded projects in 2018 has come to a standstill as there is shortage of money and bank sponsoring the initiative has reached its credit limit.

For around 6000 projects classified as languishing by Governor’s administration in June 2018 as they were raised without funds, Jammu and Kashmir Infrastructure Development Finance Corporation (JKIDFC) raised loans for these projects amounting to Rs 800 crore.

As per reports, panel approved 2367 projects worth Rs. 7152.49 crore for funding under the plan. Till now, nearly 1200 projects have been completed but due to shortage of funds rest of projects have been delayed.

President of the Kashmir Contractors Coordination Committee, Ghulam Jeelani Purza told Excelsior that projects are of great public importance, but a lack of funds further progress has not been made.

Several projects were pending in various departments across J&K, including the Power Development Department, the Jal Shakti and the Horticulture Departments, Water Supply Scheme Haritar, Water Supply Scheme, Ningli Ghat, Water Supply Scheme, Food Park, Water Supply Scheme and Amarpora Tarzoo are some of the pending projects in the Jal Shakti Department. Projects like the establishment of fruit and vegetable markets in Sopore, for example, were also included in the project. Road widening and upgrading projects are also underway in Sopore, Rawooch, Hamam-Manarkoot, and Rafibad.

Shafat Yaha, General Manager, JKIFC, told Excelsior that they have invited Expressions of Interest (EoI) from reputed RBI-regulated banking and financial institutions/companies in the country to submit written proposals to raise a loan of Rs 2000 crore to complete the languishing projects in UT.