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Sikh News Work on Khalsa memorial comes to halt

Discussion in 'Breaking News' started by Neutral Singh, Feb 8, 2005.

  1. Neutral Singh

    Neutral Singh
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    http://www.tribuneindia.com/2005/20050208/punjab1.htm#4

    Work on Khalsa memorial comes to halt
    Kiran Deep
    Tribune News Service

    Anandpur Sahib, February 7
    Even though the Punjab Government has given requisite guarantees for the release of Rs 100 crore loan, the construction work of the prestigious Khalsa Heritage Memorial Complex at Anandpur Sahib has been halted as the banks involved in the funding of the project have demanded more interest on the loan to be given to the project.

    Sources informed that the government had agreed at 7.5 per cent interest rate on the loan sanctioned for the Anandpur Sahib Foundation which is taking care of the project but one of the bank out of the five in the consortium demanded 9 per cent interest.

    The project was jointly funded by the Centre and the Punjab Government. It took the Punjab Government several months to give the requisite guarantee for Rs 100 crore loans to the PNB-led consortium of banks.

    The consortium of five banks in March 2004 had sanctioned Rs 100-crore loan to the government but it could not be released in the absence of the requisite government guarantee.
     
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