NAVI MUMBAI: NMMC is in talks with a Canadian bank for sourcing loan at a lower interest rate for the ambitious one-time development scheme of Rs 12,800 crore approved by the civic body. "This bank is willing to provide loan at 5 per cent rate of interest,'' said a civic source.
"We are awaiting CRISIL's rating, but in case we do not get the coveted triple A, the double A rating wouldn't dampen our spirit either, as there are other macros that can be tabled which this bank is willing to consider,'' said well-placed sources.
A brainchild of senior NCP leader and Thane Guardian minister, Ganesh Naik, the one-time scheme has been forwarded to CRISIL for financial rating and was discussed at the joint high-level meeting of the chief minister and NCP supremo, Sharad Pawar at the Sahyadri state guest house on Friday.
A triple A (A+++) rating would enable the civic body to obtain loan at 5 per cent rate of interest from Asian Development Bank.
However, with stringent conditions for obtaining the high ratings, the civic body was not very hopeful.
