German bank to lend 36.7 million Euros

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Germany’s major bank KfW would be providing aloanof36.7 million Euros to the State Government to take up a watershed management project.

After an MoU was signed between the Forest Department and KfW which is a German Government-owned development bank in December last year, experts from Germany came to the State and conducted a survey, informed a source.

The loan amount includes a grant of 8.7 million Euro which would be paid by the Government of Germany and the project would be implemented within a course of 11 years.

KfW would release 15 million Euro in the first phase and another 13 million Euro in the second phase, conveyed the source.

On the other hand, the Forest Department and Laos-based firm HSMM have started due official communications to take forward the MoU signed between them during the North East Development Summit held at Imphal in November last year.

The two parties would sign another agreement before taking up a project of Agarwood plantation in the State.

As per the MoU, Agarwood produced in the State would be bought by the firm.

Moreover, orchids would be produced on commercial scale by using tissue culture and the orchids thus produced would be bought by the same firm, said the source.

It is reported that the Chief Minister would soon review the MoUs signed at the summit and subsequent steps taken up by different departments.

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