Shipping ministry seeks separate financing arm
By IANSFriday, June 26, 2009
NEW DELHI - After road transport ministry, it is now the turn of the shipping ministry to demand a separate financing arm.
“The ministry has submitted a proposal to the finance ministry to form a Shipping Finance Corp,” said a ministry official.
“Generally, this sector remains neglected when it comes to financing of infrastructure projects. The separate financing arm will also ensure debt at affordable rates,” he told IANS.
“We have also asked the finance ministry to increase the budget allocation for modernisation of ports.”
Earlier, the road transport and highways ministry had proposed a separate financial arm to fund projects.
Last week, Road Transport Minister Kamal Nath said he intends to form a “Road Finance Corp” for the smooth inflow of money for the construction of roads and highways.
