ADB, WB to finance smart city projects

    ADB World Bank Smart Cities
    Ensuring smooth financing facilities to the upcoming smart city projects across the country, the ministry of Urban Development has issued a guidance-note to enable smart cities to borrow from multilateral development banks such as Asian Development Bank and World Bank, for project execution. This has been aimed at enabling Centre to hand-hold the cities and help them execute projects with loan assistance from multilateral development banks, said ministry sources, elaborating that these cities will be tasked with identifying financially viable smart city projects for which they would like to borrow. They will undertake a Techno-Economic Viability (TEV) study for the identified project. The TEV study is a risk-mitigation exercise and is considered by financial institutions prior to their lending decision. It provides an appraisal of technological parameters and its impact on the commercial viability of the project and forms part of the Detailed Project Report (DPR). The study is also important as the ministry has in the past, stressed that the States should structure user charges so that the operation and maintenance costs are met. Moreover, user charges should be partially indexed to inflation and improved quality of services, claimed official sources.
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