Odisha to seek FRBM clearance for ADB assisted power sector project.

The Odisha government will take the nod of its Cabinet and obtain FRBM (Fiscal Responsibility & Budget Management) clearance from the department of expenditure, Government of India, to avail loan from Asian Development Bank (ADB).

ADB had agreed on a loan of $100 million to help rebuild power infrastructure in regions of Odisha affected by the Phailin storm that struck the state's southern coast on October 12.

'As per the request of the finance department, the draft Cabinet memorandum has been prepared on behalf of the finance department. It is therefore requested to take necessary steps for obtaining approval of the State Cabinet and FRBM clearance from the department of expenditure, Government of India', C P Mohanty, additional secretary (energy) wrote to D K Jena, additional secretary at state finance department.

The cost of the project, 'Odisha Power Sector Emergency Assistance Project' (OPSEAP), is estimated at Rs. 1,000 crore.

BS