Agreement signed between GVMC and IFC in the presence of CM Chandrababu
Vijayawada: An agreement was signed
between the Visakhapatnam Metropolitan Corporation (VMC) and IFC in the presence of Chief Minister Nara Chandrababu Naidu regarding the Visakhapatnam Metropolitan Corporation ( VMC ) taking a loan from the International Financial Institution (IFI) for the development of Visakhapatnam city. Later, the GVMC officials met the Chief Minister and revealed the details of the development project to be undertaken soon. With this agreement, the GVMC has become the first municipal corporation in India to receive a direct loan from the International Financial Institution (IFI), officials said.
The remaining amount
A modern sewage system will be developed in Madhurawada Zone-2 in Visakhapatnam as part of the project. The total cost of this project is Rs. 553 crore, of which Rs. 498 crore will be provided by IFC . The remaining amount will be financed by Amrit 2.0 (Rs. 45.64 crore) and GVMC’s own funds (Rs. 9.36 crore). GVMC will repay this loan to IFC from its own sources of income. The interest rate for this loan, which has a tenor of 15 years, has been fixed at 8.15 percent (floating).
Water purification reduces diseases
The soon-to-be-launched Madhuravada Sewerage Project will feature a 100 percent underground sewage network, modern pumping lifting stations, and a state-of-the-art treatment plant for water reuse and recycling. It has been designed keeping in mind the needs of a 30-year population growth. Water purification will not only reduce diseases, but will also prevent groundwater contamination and be good for the environment.Flood water management is possibleThis project will benefit 2.5 crore people living within its scope. This agreement has paved a new path for the financial autonomy of cities in India .
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