The Ecnec today approved a compact township project, 'Palli Janapad', for rural people based on cooperatives involving Tk 424.34 crore, aiming to protect arable lands and thus ensure food security and improve their living standards.
The approval came from the 5th Executive Committee of the National Economic Council meeting of the current fiscal year.
Ecnec chairperson and Prime Minister Sheikh Hasina chaired the NEC conference room in city's Sher-e-Bangla Nagar area.
Briefing reporters after the meeting, Planning Minister AHM Mustafa Kamal said a total of three uplift projects involving Tk 829.85 crore were approved today.
"Of the total project cost, Tk 520.03 crore will come from the national exchequer, while Tk 87.41 crore from the organisation's own fund and Tk 222.41 crore in project assistance."
State Minister for Finance and Planning MA Mannan was also present during the briefing.
Under the project, there will be flats in four categories for the beneficiaries of the project. The category-A flats would be of 915 square feet size, while category-B flats of 710 square feet ones, category-C flats of 460 square feet ones and the category-D flats of 365 square feet with each square feet areas having a price of Tk 1603.
Of the total project cost, the government would initially provide 70 percent of the project cost while the rest of 30 percent will come from the beneficiaries. The flat owners would repay the loan to the government in 15 years at a flat rate of 5 percent.
Sources at the planning ministry said the project has been re-designed that includes expansion of the project area from three divisions to seven divisions, downsizing the buildings’ size from six-storey to four-storey and some increased amenities.
The project cost has gone up nearly five folds to Tk 424.34 crore from originally estimated Tk 86.54 crore.
The ‘Palli Janapad’ project is now expected to complete during a period from July, 2014 to June, 2017. The government will bear Tk 362.98 crore of the project cost, while the beneficiaries will provide Tk 61.36 crore.
Center for Irrigation and Water Management (CIWM) and Rural Development Academy (RDA) will jointly implement the project under the Rural Development and Cooperatives Division.