ProMASS News
Agartala, July 26, 2019: Tripura Infrastructure and Investment Fund Board (IIFB) in its maiden meeting today focused on generating additional resources outside the Budget for funding developmental infrastructures. The meeting was chaired by Chief Minister Biplab Kumar Deb.
The Chief Minister – also the chairman of the Board – laid importance on giving priority to the local suppliers for supplying various materials for required infrastructure development.
“It will generate income to the locals and if the locals get priority in supplying materials, there will be a focus on producing such materials in the state — it will reduce the transportation cost, as well,” the Chief Minister said.
A government press release said this was a new initiative of the Government to generate resources for taking up critical infrastructure projects in the state like roads, bridge, irrigation, agriculture, fisheries infrastructures etc.
Deputy Chief Minister Jishnu Dev Verma, Chief Secretary U. Venkateswarl, Additional Chief Secretary (Finance) and other members of the Board also attended the meeting held at the conference hall of civil secretariat.
The government press statement said, “during the meeting, a decision was taken on operationalization of fund, ways and means of mobilizing fund through various agencies and instruments, sectors and avenues for investment in infrastructure projects, formation of committees for technical and financial appraisal of projects, delegation of powers and action plan for the fund etc.”
The available options for raising resources like loan from Financial Institutions like HUDCO, LIC, NABARD, IFCI and IDFC, bond for raising money from market, SPV/ JV with financial institutions/ banks- HDFC/IFCI etc., Loan from Bank, and investment by Government Departments/ State PSUs were considered.
The funds will operate in Finance Department with Secretary (Finance) as Chief Executive Officer.
The sanction of projects will be done by the Board / Executive Committee / Chief Executive Office as per delegation of power after technical and financial appraisal.
The Executive Committee under the Deputy Chief Minister would oversee utilization of sanctioned funds and monitor the progress of implementation.
In the meeting, a tentative requirement of Rs. 250 crore for infrastructure development was decided for the year 2019-20. However, the fund will be raised in phases as per the requirement.
