The State Government on Friday granted permission to the cash-strapped Bruhat Bangalore Mahanagara Palike (BBMP) to borrow Rs 1,000 crore loan from banks and financial institutions for taking up development works.
The Cabinet approved the proposal of the BBMP and agreed to provide the government guarantee to raise Rs 1,000 crore loan to fund infrastructure projects during 2012-13, Minister for Primary and Secondary Education Vishweshwara Hegde Kageri told mediapersons.
The BBMP recently presented a budget for Rs. 9,500 crore and has been pleading with the State government for financial assistance.
The Cabinet has decided to develop a Rose Park on 25 acres, a Tree Park on 25 aces and a museum at the Roerich and Devika Rani Roerich (Tataguni) Estate. While the Horticulture Department would develop the Rose Park, the Forest Department would develop the Tree Park. The Kannada and Culture Department would build the museum.
