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Saturday, February 6, 2010

The Kerala Local Government Development Fund (KLGDF)

The Kerala Local Government Development Fund (KLGDF) has come into being with a working capital of Rs.285 crore.

Governor R.S. Gavai signed an Ordinance floating the fund which would finance the infrastructure development projects of local self-government institutions. The Kerala Urban-Rural Development Finance Corporation would cease to exist with the formation of the fund.

The corpus of Rs.285 crore was formed through a loan of Rs.243 crore from the Asian Development Bank (ADB) and the Rs.42-crore held by the Kerala Urban Development Corporation (KUDFC).

The fund has the powers to raise money by floating bonds and also availing itself of loans from financial institutions. The local bodies can avail themselves of loans for seven per cent interest to meet their development needs.

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