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Financial Management

ADB team to visit city next month

Monday, 13 December 2010 06:07 administrator
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The Hindu  13.12.2010

ADB team to visit city next month

Staff Reporter

The bank may sanction ‘soft loan' of Rs. 300 crores
The experts' team to study the infrastructure projects

VMC plans to seek loan from banks also

VIJAYAWADA: A team of experts from the Asian Development Bank (ADB) would visit the city in the first week of January to study the feasibility of the projects being planned by the Vijayawada Municipal Corporation (VMC). The ADB would sanction a soft loan to the Corporation if the experts' team was satisfied with the proposals.

The team comprising national and international experts would study the infrastructure projects being planned by the Corporation. Municipal Commissioner G. Ravi Babu held discussions with the ADB higher-ups at an international conference at Manila in Philippines a couple of days ago. They were convinced with the proposals for projects, and were keen on funding infrastructure projects. The major projects include Bus Rapid Transit System (BRTS), housing, municipal solid waste management, storm water drains and slum development, he said.

The Corporation's application for loan is pending with the ADB. The applications are in final stage, and the study by the experts' team would complete the process. The Corporation would receive not less than Rs. 300 crore if the proposals are accepted. The loan could be used as 30 per cent share of the VMC in projects taken up under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) programme, Mr. Ravi Babu said.

‘Gap funding'

The ADB loan, which is popularly known as ‘gap funding' or ‘sub-sovereign lending', is aimed at bridging the gap between availability of funds and project cost. The Corporation, in 2008, proposed to take a loan of Rs. 200 crore from the ADB to maintain the momentum of the developmental works taken up under JNNURM.

A team of officials from the ADB visited the VMC two years ago to study the ‘financial health' of the Corporation, and they reportedly expressed satisfaction over the Corporation's fiscal status. They estimated that the VMC was eligible for a loan of Rs. 300 crore. As one of the conditions for extending the loan, the ADB had asked the Corporation to escrow its revenues generated through realisation of charges for water supply and underground drainage schemes in the city. And, the VMC too was ready to pledge to the ADB its revenues generated through water supply and underground drainage for 15 years.

Later, the Corporation explored the chances of taking loan from some nationalised and scheduled banks. The bankers strongly favoured a counter-guarantee by the State government. The issue is still pending.

Last Updated on Monday, 13 December 2010 06:08
 

GVMC urged to open escrow account

Friday, 10 December 2010 04:57 administrator
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The Hindu      10.12.2010

GVMC urged to open escrow account

Special Correspondent

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation has collected about Rs. 86 crore under the Building Penalisation Scheme till November-end and expects to bring another 1500 applicants under the scheme with the scheme getting extension till December-end.

Forum for Better Visakha convener E.A.S. Sarma in a letter to the Municipal Commissioner has demanded opening of an escrow account for spending of the amount exclusively for the development of the area as per Government guidelines.

The Clause 13 (1) of GO.Ms No.901, of December 31, 2007 on the subject, says: “Amount levied would be kept in separate account:

The amount collected by the Competent Authority under these rules shall be kept and maintained under the control of the authority in a separate escrow account and utilised only for improvement of amenities in the area.”

He requested the GVMC to ensure that the amount was kept in a separate escrow account and used specifically for the purpose it was meant for.

The corporation had collected Rs.4 crore during a week ending November 15, when the scheme was to come to an end.

Another 4,100 applications were to be disposed of. by November-end, which would bring a good amount to the GVMC and that should not be merged with general funds, he added.

While the GVMC was taking up a drive knocking on the doors of applicants, who had not approached them but were potential applicants, he also wanted all those who had failed to comply with the BPS to be proceeded against without delay.

 

Salient features of the MCD budget

Thursday, 09 December 2010 04:55 administrator
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The Hindu      09.12.2010

Salient features of the MCD budget

Resident Welfare

MCD has set a target of building 147 Community Halls in five years. At present, 20 are under construction and land has been acquired for 22 others.

A CNG crematorium has been proposed at Green Park.

Online clearance of building plans has also been proposed.

Health

Two new hospitals, one at Fatehpur Beri and one at Lajpat Nagar have been proposed. Additional 800 OPD per day and 200 beds will be added to it.

Multi-speciality medical centre proposed at Rajan Babu Institute under Public Private participation. It will have 2,000 OPD per day and 1,000 beds.

Education

All temporary school structures will be replaced by permanent structures in the next three years.

150 new class rooms were constructed last year, 2,443 are under construction, 800 more are proposed for the next year.

Parking

Additional 8,000 parking facilities have been proposed.

There are 21 multi-level parking proposed. 13 such parkings that can house a total 7,000 cars are under construction.

An automated multi-level parking is being constructed at Kamla Nagar that can park 828 vehicles. 15 more such parkings have been proposed.

Stack parking developed at different places.

Bridges

16 Road under-bridges / road over-bridges in railway level crossings will come up in the city out of which 14 are nearing completion.

Carbon credit

MCD became the first civic body to get carbon credit in India. Rs.5 lakh received for Okhla compost plant.

Energy from waste: 62.20 MW

Garbage treatment plants at Okhla, Timarpur, Ghazipur and Kakrola has been proposed. Okhla and Timarpur will generate 16 MW energy, Gazipur will generate 10 MW and Narela-Bawana Road will generate 36 MW.

Gobar treatment plant in Kakrola has been proposed that will generate 200 KW electricity.

Methane gas plant proposed in Ghazipur landfill site.

 
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