IMC seeks foreign help | india | Hindustan Times
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IMC seeks foreign help

india Updated: Feb 14, 2007 00:17 IST

AFTER LOCAL institutions gave it the short shrift, the Indore Municipal Corporation (IMC) is now fishing in international waters to net funds for bankrolling its 30 per cent share in the Jawaharlal Nehru National Urban Renewal Mission (JNNURM)-aided projects.

The Corporation has sought fiscal assistance from Washington-based International Finance Corporation (IFC) to provide the Rs 90-odd crore it needs to pay towards the Rs 307 crore Indore Sewerage Plan financed by the Mission.

A two-member IFC team comprising team leader A Victor and Xen Chin on Tuesday met Mayor Dr Uma Shashi Sharma and discussed the technical aspects of the sewerage project, interest rates and payment tenures.
Additional Municipal Commissioner Kumar Purshottam and Dr Natwar Sarda were also present on the occasion.

The two delegates are learnt to have made searching inquiries about the Corporation’s sources of income and asked civic officials to submit details about how it would raise the funds needed to repay the loan. Mayor Dr Sharma informed the team that the money would be paid back through a sewerage tax that the Corporation proposes to impose once the new sewage network is in place.

It may be recalled that JNNURM is a grant-in-aid corpus aimed at funding water supply, sewerage and sanitation, road network and integrated slum development. As per the scheme, 50 per cent of the project costs are borne by the Centre with the State Government and the concerned civic body chipping in with 20 and 30 per cent respectively.