Centre approves Rs 453 crore loan to Tamil Nadu

The Centre approved a Rs 453-crore loan at a subsidised interest rate of five per cent to the Tamil Nadu government for setting up three fishing harbours. The funds will be released from the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) that has a corpus of Rs 7,522 crore.

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An agreement was signed between the Union fisheries ministry, Tamil Nadu government and the National Bank for Agriculture and Rural Development (Nabard) in the presence of Fishery Minister Giriraj Singh. The loan is given for a tenure of 12 years and there would be moratorium of two years on repayment of principal. The Centre is providing interest subvention of 3 per cent on the loan released from the FIDF.