Madhya Pradesh ties up with Central BankMay 29th, 2009 - 9:48 pm ICT by IANS
Bhopal, May 29 (IANS) The Madhya Pradesh Trade and Investment Facilitation Corp. (Trifac) has tied up with Central Bank of India for funding various infrastructure projects in the state, it was announced Friday.
Under the agreement signed by both sides, the bank will make available Rs.11,000 crore for implementing the memorandums of understanding (MoUs) already signed by the state government and private firms and also for new projects.
The agreement was signed by the bank’s chairman and managing director S. Sridhar and Trifac managing director Praveen Garg in the presence of Chief Minister Shivraj Singh Chouhan, officials said.
Central Bank of India will also sanction long-term loans to industrial units investing in the state.
The bank will set up a cell at its regional office for disposing off - in 30 days - investors’ proposals received by Trifac through its single-window system.
Welcoming the the initiative as “unique”, Chief Minister Chouhan said: “This MoU would promote investment in the state and the investors would be facilitated with a reputed nationalised bank’s decision to assist in state projects.”
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