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AP gets Rs 1,200 cr from LIC

Our Bureau

HYDERABAD: The State Government has obtained Rs 1,200 crore from LIC of India for `debt swap' for loans taken from the Nabard and others at a higher rate of interest of 7 per cent, the Finance Minister, Mr K. Rosaiah, informed the State Assembly on Friday.

Already more than Rs 900 crore of these loans have been repaid, he said in response to the questions raised by Mr Y. Ramakrishnudu of the Telugu Desam Party (TDP) during question hour. The former Finance Minister wanted to know whether the State had approached LIC with a proposal to obtain Rs 2,700 crore towards funding irrigation projects and was using the funds for `debt swap'.

Mr Rosaiah said the Government had sought a loan of Rs 1,500 crore from the LIC for funding irrigation projects in the State through a letter on June 24, and was awaiting a response. "We are not diverting the funds for the debt swap," he said.

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