MMRDA ready to lend money to civic body | mumbai | Hindustan Times
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MMRDA ready to lend money to civic body

mumbai Updated: Sep 28, 2010 00:51 IST

In a move, which shows thawing of relationship between the Mumbai Metropolitan Region Development Authority (MMRDA) and Brihanmumbai Municipal Corporation (BMC), the former has shown willingness to bail out the cash-strapped BMC with financial support in the form of a loan.

“We are willing to give loan to the BMC for infrastructure works in Mumbai. We have asked them to give us a presentation on their requirements and we would loan them money for improving infrastructure,” Metropolitan Commissioner Ratnakar Gaikwad said.

The BMC’s Rs 20,417 crore budget announced this year comes with a loan burden of Rs 6,000 crore, required to complete projects.

The BMC admitted that its “financial condition is not robust enough” to perform discretionary duties such as beautification and development.

The BMC has withdrawn a loan of Rs 3,105 crore and was looking at raising an additional loan of Rs 3,000 crore.