All set to give big push to the infrastructure sector, the Punjab Government is planning to seek financial assistance from new development banking institutions like BRICS New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB).
For the same, the state has already asked its all departments to submit project reports of those projects for which financial assistance can be sought from these Institutions.
These two new banks are likely to go a long way in meeting demand for enormous resources needed for infrastructure development in the state, said an official spokesperson.
He said: “Both institutions are expected to be operational in the first quarter of 2016. After the operation of these banks, state would have access to additional sources of funding for meeting its need of infrastructure financing particular in the sectors like roads, energy, urban development etc.”
“These institutions are likely to promote innovative financing products for project financing and it is imperative for all departments to avail maximum benefit by quickly developing a shelf of projects which could be taken up for financing by these institutions,” he added.
Spokesperson said that all departments, while preparing shelf of project, should also refer to 12th five-year plan document. All Departments have been told to submit preliminary project reports by the month end, he added.
