gorakhpur link expressway to be built with 2250 crores cabinet approval

The state government has cleared the way for the money arrangement to build the Gorakhpur Link Expressway. Bank Consortium has received cabinet approval to finance the expressway.
According to UPDA CEO Avnish Kumar Awasthi, a maximum loan limit of Rs 2250 crore has been fixed for the Gorakhpur Link Expressway project. For this work, the way has been cleared for the formation of a bank consortium. For this, Punjab National Bank has approved a loan of Rs 750 crore.

The Punjab National Bank will lead the bank consortium to be built for funding the Gorakhpur Link Expressway project. Union Bank, Canara Bank, Indian Bank, UCO Bank, Bank of India and Bank of Maharashtra will participate in it. For this, the entire loan will be taken out from banks from time to time by UPDA in three years. The loan amount will be worked initially under the consortium banking system.

Keeping in mind the urgent need of funds for the work of UP projects and the time taken for final approval from other banks, Punjab National Bank has accepted the role of lead bank of consortium. Till financial closure and establishment of consortium of banks, it will be able to release a maximum amount of 50 percent of its sanctioned amount i.e. 375 crore loan amount.


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