IDFC, NEC Sign MoU On North-East Infrastructure

Mumbai, Jan 29: | Updated: Jan 30 2004, 05:30am hrs
The Infrastructure Development Finance Company Ltd (IDFC) signed a memorandum of understanding (MoU) on Tuesday with North East Council (NEC) to impart greater momentum to infrastructure development in the North East region.

As per the MoU, IDFC and NEC would engage in synergistic initiatives to expedite the progress of comprehensive and orderly development of infrastructure in the north-eastern region.

IDFC vice-president OK Balraj said that there are quite a few interesting opportunities in Hydel and road projects.

We are working towards bringing in more private sector participation in the project, Mr Balraj said and added that IDFC is exploring the large tourism potential that exists in Mizoram.

According to him, there is a significant need for infrastructure after the international borders in the region have been thrown open for trade.

IDFC is also working closely with states like Karnataka and Uttarachal in sectors like tourism agriculture and power and roads and rail.

NEC is the regional planning and advisory body for securing balanced development of states of Assam, Manipur, Meghalaya, Nagaland, Sikkim, Tripura, Arunachal Pradesh and Mizoram. NEC provides a unified and coordinated regional plan in matters of equal importance, reviews implementation of project, schemes included in the regional plan and recommends measures for effective coordination amongst the state governments for implementation of projects and schemes.

As per the MoU, IDFC and NEC would engage in developing projects in the North East with private participation, all areas.