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IndiaPosted at: Apr 22 2016 7:34PM


Smart Cities asked to pose projects for loan support from World Bank, ADB, BRICS Bank

Smart Cities asked to pose projects for loan support from World Bank, ADB, BRICS Bank
RAJIV GAUBA
New Delhi, Apr 22 (UNI) The Ministry of Urban Development today urged the 20 Smart Cities selected in the first round of competition to quickly firm up bankable projects for obtaining loan assistance from the Asian Development Bank (ADB), the World Bank and the BRICS Development Bank. This was conveyed by Rajiv Gauba, Secretary, Urban Development, during a four hour-long review meeting with the officials of eight Smart Cities here. Mr Gauba discussed progress regarding conversion into specific projects of Smart City Plans of Ahmedabad, Surat, Pune, Bhubaneswar, Udaipur, Jaipur, Ludhiana and Jabalpur. It was informed to the cities that ADB has in principle agreed to extend a loan of one Billion dollars, while the World Bank is willing to extend a loan of 0.50 billion dollars for the implementation of Smart City Mission. BRICS Development Bank is also keen to support smart city projects. Mr Gauba, while stressing the importance of mobilisation of resources through Municipal Bonds issue, urged the cities to act quickly to obtain credit ratings from agencies approved by the SEBI. He said the process for credit rating of 85 cities has already been initiated under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and all the 500 Mission cities will complete this process in the next one year. During the discussion on resource mobilisation through Municipal Bonds, it was informed that the US Treasury has expressed willingness to be the Transaction Advisor for such an issue by Pune Municipality, which enjoys credit rating of 'AA Stable'. More UNI NY RJ AE 1934
Tags: #Smart Cities asked to pose projects for loan support from World Bank# ADB# BRICS Bank
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