Monuments to face banks' scrutiny

18 Aug 2023 CW Team

The government has urged banks to exercise thorough due diligence before financing to projects close to historic sites in response to growing complaints over real estate development near monuments that are protected under law.

After the National Monument comes this. According to two persons informed of the development, the Authority (NMA) addressed a letter to the government expressing concerns.

Blacklisting has been mandated for lenders. Developers who intrude on land near monuments should be reported as fraudulent so that the appropriate authorities can take harsh action against them.

One of the officials cited stated, "Banks have been appropriately advised to review all documentation and check with local authorities and NMA, if needed. The government will take strong action against such wrongdoing under existing laws."

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