Funding from France, germany: MoUD seeks FinMin nod for Smart City loans

Immediately after the launch of the Smart Cities mission, the MoUD had sent proposals to the DEA seeking loans to the tune of £500 million from the World Bank and £1 billion from the Asian Development Bank (ADB).

By: Express News Service | New Delhi | Published:October 9, 2015 1:41 am

The Ministry of Urban Development (MoUD) has moved proposals before the finance ministry’s Department of Economic Affairs (DEA) for seeking financial assistance from France and Germany for funding its five-year Smart City mission. The ministry’s move comes even as the DEA is yet to approve earlier proposals put forth by the MoUD seeking loans from the World Bank and Asian Development Bank (ADB).

The ministry’s proposal before the DEA seeks a loan of approximately 500 million euros from AFD (French Development Agency) and from Germany’s Ministry of Economic Affairs, said MoUD officials. “The French government has shown interest in partnering specifically with Puducherry, Nagpur and Chandigarh. Germany will put forth its views only in January, once we select 20 of the 100 Smart City nominees cities that will be eligible for priority funding during the first year of the mission,” said the official.

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During Prime Minister Narendra Modi’s visit to France in April this year, the AFD had spoken about releasing 2 billion euros in loans for Smart Cities and sustainable development in India. Until October 2015, the agency has committed to providing 600 million euros for the twin purposes.

Immediately after the launch of the Smart Cities mission, the MoUD had sent proposals to the DEA seeking loans to the tune of £500 million from the World Bank and £1 billion from the Asian Development Bank (ADB).

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