Financial Daily from THE HINDU group of publications
Monday, May 29, 2006
Financial Daily from THE HINDU group of publications Monday, May 29, 2006 |
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Industry & Economy
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Infrastructure States - Maharashtra MMRDA plans to raise funds from JBIC Rahul Wadke
Mumbai , May 28 The Mumbai Metropolitan Region Development Authority (MMRDA) is considering raising funds from Japan Bank For International Cooperation (JBIC) for the second phase of the Mumbai Metro and other urban infrastructure projects. MMRDA is exploring the JBIC option as it was finding it difficult to comply with the World Bank conditions, Dr T. Chandra Shekhar, Metropolitan Commissioner, MMRDA, said. "We feel that World Bank is putting too much constraints on us and adding new conditions leading to project cost escalation," Dr Chandra Shekhar said. The escalation cost has increased the lending rate to 9 per cent in the some of the ongoing projects. He said that the Maharashtra Chief Minster, Mr Vilasrao Deshmukh, would lead a delegation to Japan in June. During the visit discussion would be held with JBIC officials. On March 2, the World Bank had temporarily suspended the $150-million funding to the road and resettlement component of the Mumbai Urban Transport Project (MUTP). The process of payment had stopped as the Maharashtra Government had shown non-compliance on issues relating to the resettlement of the project-affected people.
More Stories on : Infrastructure | Railways | Maharashtra
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