State to take loan for Rs 1,377-cr irrigation project

With the state facing frequent droughts, the government is set to implement Rs 1,377-crore mega irrigation project. It will borrow Rs 918 crore from the Asian Development Bank and the remaining amount of Rs 459 crore will be the state´s share. The loan repayment period is 30 years and the interest is 0.75 per cent. The project - Karnataka Integrated and Sustainable Water Resources Management Investment Programme - will be implemented between 2014-2021.