P gets approval letter for ₹5,100 cr loan from PNB

The Uttar Pradesh rnment on Saturday ved the sanction letter of ₹ crore loan for the 594-kmganga Expressway project the Punjab National Bank ) in the presence of Union ce minister Nirmala Sitharn and chief minister Yogi yanath at an event in Lucw. haraman hailed Adityanath creating an investmentdly atmosphere in Uttar esh. This expressway will be ongest in north India and econd longest in the counhe project’s estimated cost 6,230 crore. SS Mallikarjuna

managing director and chief executive officer (CEO) of PNB, handed over the approval letter to the state government at a ceremony at the Indira Gandhi Prathisthan in the state capital.

Speaking at the event, Sitharaman said, “There was a bit of hesitation when the defence corridor was announced for Uttar Pradesh. Industrial climate prevails in many states like Tamil Nadu, Gujarat, Haryana and others while agriculture and medium and small-scale industries (MSME) were more important to Uttar Pradesh. But today, the chief minister has shown it by doing it.”

“I am very proud of chief minister Yogi Adityanath who understands the larger national interest, translates that into the state’s policies and takes it at the execution level to the last mile,” she added.

Referring to the infrastructure work going on in the state, she said, “That which had to be done in six decades is being attempted to be completed within four-five years. It requires extraordinary commitment and efforts, and that is what the CM is doing. Pleasantly happy that a public sector bank has gone thinking forward,” she said.

Adityanath said the Ganga Expressway would become the backbone of the state’s economy. He also lauded Sitharaman for allocating a budget for infrastructure development.

“We are connecting Meerut in west Uttar Pradesh with Prayagraj in the east. The Ganga Expressway will become the backbone of the state’s economy. Travelling time from Lucknow to Meerut will decrease to five hours and 6.5 hours from Prayagraj to Meerut through the Ganga Expressway,” the chief minister said. “The state government had decided to create a 594 km-long expressway between Prayagraj and Meerut…i am grateful to Prime Minister Narendra Modi and finance minister Nirmala Sitharaman for allocation of funds in the Union Budget for big infrastructure development,” he added. With the approval letter, the state government has finalised the process of securitisation-based loans from banks as part of mobilisation of financial resources for the Ganga Expressway.