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HUDCO floats Rs 2,000 crore relief fund

December 28, 2004 16:18 IST

The Housing and Urban Development Corporation has floated a special loan scheme to assist rehabilitation efforts in states affected by the devastating tsunami waves.

The corporation has set aside a fund of Rs 2,000 crore to be disbursed as loans to those in the economically weaker sections of society affected by the waves, Minister of Urban Employment and Poverty Alleviation Kumari Selja announced in New Delhi on Tuesday.

The loans, meant for repairs, retrofitting and construction of houses, will have a lending rate of 6.5 per cent as against the 7.5 per cent applicable for schemes to benefit the economically weaker sections.

This is the largest amount proposed by HUDCO for disaster mitigation.

"I have written to the chief ministers of the affected states and also to the Lt Governor of the Andaman and Nicobar Islands informing them about the loan scheme," Selja said.

The Minister said she had also directed HUDCO to take efforts to use locally available materials and technical know-how while constructing or repairing houses.

HUDCO has contributed Rs one crore to the Prime Minister's Relief Fund and earmarked an additional Rs one crore for construction of relief shelters with disaster-resistant technologies.

The HUDCO's regional offices are in touch with the state governments and are assessing the damage caused by the waves, Chairman P S Rana said.

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