The Union Cabinet has approved raising extra budgetary resources of over Rs 9,000 crore for Long Term Irrigation Fund in 2017-18.

Briefing reporters after the meeting, Finance Minister Arun Jaitley said, the amount will be raised by NABARD through Bonds.

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The Fund seeks to make loans from NABARD attractive for states by ensuring lending rate of 6 per cent per annum.

The loans are for implementation of Accelerated Irrigation Benefits Programme works of 99 ongoing prioritized irrigation projects under Pradhan Mantri Krishi Sinchayee Yojana.