Smart Cities asked for projects for loan support  

The Dollar Business Bureau

 The government has asked the selected 20 Smart Cities to ascertain and confirm their bankable projects for securing loan assistance from the three lenders Asian Development Bank (ADB), the BRICS Development Bank, and the World Bank.

On Friday, Rajiv Gauba, Secretary (Urban Development) held a meeting with the officials of eight smart cities and reviewed their progress made on specific projects in these cities. 

Gauba conveyed it to the officials that the ADB has agreed to extend a loan of $1 billion, while the World Bank has agreed to provide a loan of $0.50 billion for the implementation of the Smart City programme. The BRICS Development Bank, too, is keen to support smart city mission, however it hasn’t announced a sum yet.

Gauba also urged the representative to quickly obtain credit ratings from SEBI-approved agencies. “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,” Ministry of Urban Development said in an announcement.  

“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 shall complete this process in the next one year,” it said.  

The representatives also furnished details of the smart cities projects as they highlighted some of the key features including intelligent transport solutions, common payment cards, wifi services, sewage treatment plants, solid waste management and roof-top mounted solar paneling, among many others.