By Accommodation Times Bureau
The important decision of giving an allowance to state entities ,to borrow the funds for infrastructural projects , directly from overseas lending agencies ,is being taken by the Union Cabinet chaired by PM Modi.
This decision will enable the state entities, to borrow directly from the agencies like JICA. “ The decision would directly benefit important projects such as Mumbai trans harbour link [MTHL],” Finance Minister Arun Jaitley told reporters here .
An official statement also states, “ The government has approved the policy guidelines to follow financial sound state government entities to borrow directly from bilateral ODA [ Official Development Assistance] partners for implementation of vital infrastructure projects.”