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Tuesday, Dec 14, 2004

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Kerala: Mayors' meet on ADB loans

Our Bureau

THIRUVANANTHAPURAM: The State Chief Secretary, Mr Babu Jacob, has convened a meeting of the five Mayors of the State to discuss their reservations on the raised interest rate charged on the Asian Development Bank (ADB) loans being made available to various city corporations.

An official spokesman said the meeting would be held here on Thursday, which would deliberate on the nine per cent interest slapped on the loan by the Government of India. The conditions laid down by the ADB for availing of the loan would also be discussed.

Earlier, the Kochi Corporation Council, which had met last Wednesday, had decided not to accept the loan at the rate of nine per cent as some other agencies had offered lower rates.

Mayors of other cities also expressed their opposition to the high interest rate slapped on the loan.

More Stories on : Economy | Kerala

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