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The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) is going to get fresh fund infusion of around $5 billion from the World Bank.
M Ramachandran, secretary, urban development ministry said, “We have convinced World Bank to include not just urban infrastructure but also urban transport. We are now going to receive is $5 billion which is around Rs 25,000 crore.”
Details of the loan in respect of the rate of interest are still being worked out; however the urban development ministry has got in-principle approval from the finance ministry.
He told that the team of World Bank would come here next month and draw out the finer details of the loan. He informed that, “this funding will be part of JNNURM.”
The new fund will be used for several projects including water supply, sanitation, sewerage, transportation to develop cities on a whole. The fund will be used not just for 63 mission cities but for smaller towns as well. As per the practice of JNNURM, The new fund will be released directly to the cities and not to the states.
The first tranche of the loan is expected in the next financial year, after provision for this fund will be made in the current Budget. The Financial Express
May 26, 2009
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