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`Reduce interest rate for MCD'

By Our Staff Reporter

NEW DELHI, JULY 9. With the Union Finance Minister, P. Chidambaram, lowering the interest rate on loans given by the Centre to the State Governments from 10.5 per cent to 9 per cent, the opposition Bharatiya Janata Party today demanded a corresponding reduction in interest rates on the loan given by the Delhi Government to the Municipal Corporation of Delhi.

In a letter to the Delhi Lieutenant-Governor, the only BJP member in the MCD Standing Committee, Vijender Kumar, demanded that the Delhi Government be asked to lower the interest rate on the civic body which at present, he said, was between 13.5 per cent and 15 per cent.

"A corresponding reduction in interest rates would save the civic body about Rs. 23 crores that could be used for funding various social welfare measures," he said.

Among the important projects being carried out with financial aid from the Delhi Government were construction of staff quarters, compost plant, dairy colonies, slaughter house, development of regularised unauthorised colonies, rural villages, construction of offices and civic centres, desilting of drains, development works in unauthorised approved colonies, Narela, Najafgarh and Mehrauli, relocation of kabaries, and construction of modern toilets for women near markets.

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