soon rain

Even as the city reels under the onslaught of high temperatures, the good news is that the southwest monsoon has set in two days before its scheduled arrival in Kerala. It is likely to touch Visakhapatnam coast ahead of the normal date.

The weatherman is anticipating the southwest monsoon to set over Visakhapatnam coast at least two to three days in advance. The southwest monsoon normally sets in the region by June 8. Weather officials are keeping a close watch on its movement.

The news has brought cheer to the region, which experienced a dry spell in the past couple of months. Summer showers, too, have been markedly low this year.

As per the latest report, monsoon has entered Kerala and advanced over Karnataka and South Tamil Nadu. Officials of the Cyclone Warning Centre say that conditions are favourable for further advancement of the southwest monsoon since the movement has been significant.

Meanwhile, temperatures remained significantly high throughout Andhra Pradesh. Machilipatnam recorded the highest temperature at 43.4 degree Celsius while the maximum temperature recorded at Visakhapatnam airport on Tuesday was 38.6 degree Celsius.

The weatherman has predicted that scattered rainfall may occur at a few places in coastal Andhra in the next couple of days.

GVMC may clinch Rs.200-crore bank loan

Cash-strapped Greater Visakhapatnam Municipal Corporation (GVMC) is likely to clinch a loan of Rs.200-crore soon to foot its share for the various works taken up under the Jawaharlal Nehru National Urban Renewal Mission.

The GVMC has begun negotiations with financial institutions and banks as soon as the State Government gave its nod to go in for the loan in March.

The corporation has launched works worth about Rs.1,800 crore under the urban mission.

30 pc contribution

The urban local body has to contribute 30 per cent of the project cost. Prominent among them are the two Bus Rapid Transit System corridors, underground drainage, various water supply schemes and basic infrastructure in housing colonies.

Recently, Commissioner V.N. Vishnu and other officials were in Hyderabad discussing the loan issue with officials of Bank of India which offered the loan at an attractive rate of interest. This weekend the bank's officials will be in the city to hold the final round of discussion.

A total of eight banks and financial institutions like ILFS and Hudco have been approached for the loan. In earlier rounds, the rates offered ranged from 11 per cent to 8.75 per cent.

‘The promise'

“After that some banks wanted more time promising to come back with lower rates stretching the process,” said an official. The meeting at the weekend will in all probability clinch the deal paving way for the GVMC obtaining the loan, he says.

The loan that can be drawn till December will enable the corporation to clear the bills pending for JNNURM works under way.

Topping the Rs.150 crore outstanding bills is the BRTS corridor and flyover works with Rs.40 crore due followed by water supply and underground drainage.

The Centre releases 25 per cent of funds for the works and on sending of utility certificate for 70 per cent releases another instalment.

For the 2009-10, Rs.40 to Rs.45 crore is due from the Central Government, it is learnt.