Indian Express 04.10.2010
MMRDA wants World Bank to fund more key projects
Swapnil Rawal Tags : MUTP, Mumbai Urban Transport Project, MMRDA Posted: Mon Oct 04 2010, 08:32 hrs
Mumbai: Afetr seeking funds from World Bank for the Mumbai Urban Transport Project (MUTP), Mumbai Metropolitan Region Development Authority is now exploring the possibility of getting the WB assistance for its other mega projects in the city. A team of World Bank officials is visiting MMRDA headquarters on October 8 to discuss the possibility of funding key projects.“We are going to discuss how to broaden the scope of work from MUTP to various other projects planned. So far, the Bank has only restricted its scope to MUTP. We are hopeful of some positive outcome,” said SVR Srinivas, additional metropolitan commissioner, MMRDA. Srinivas added the discussion would include funding for Metro and multi-modal corridors planned by the MMRDA.
In July, MMRDA had given a detailed presentation on the city’s remaining seven Metro corridors to the World Bank Country Director (India) Roberto Zagha. Though the officials were impressed by the “meticulous planning” on Metro, they did not commit anything on the funding. According to MMRDA officials, the authority is looking at an amount of $10bn (about Rs 24,000 crore) from international financial institutions.
The MMRDA is also in discussion with Japanese Bank for International Co-operation (JBIC) for soft loans for the projects, which can be paid over a period of 30 years. A senior MMRDA official added that international institutions such as JBIC have shown interest in our transport project. We are seeking long- term financial support from these institutions for our public transport projects.
According to MMRDA, the meeting next week is the first of many such meetings that have been lined up to chalk out the plan for funding, and if talks materialise the formal proposal would have to come from the Government of India for seeking funds. “We’re hopeful of a good round of meeting with the Bank officials. And it is too premature to comment further,” said Srinivas.
