The Cabinet Committee on Economic Affairs (CCEA) has approved the waiver of penal interest on government loans advanced to the Visakhapatnam Port Trust (VPT) and the Paradip Port Trust (PPT). VPT had availed of a total loan of Rs 1,104.1 million between 1970-71 and 1984-85 to finance its outer harbour project to accommodate deep draught vessels of 100,000 deadweight tonnage (DWT) for iron ore exports. PPT had availed a Rs 6.43 billion loan under different heads between 1967 and 2002 to finance various infrastructure projects. Each loan was to be repaid in 20 annual instalments with a five-year moratorium period.
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