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Centre ready to offer viability gap funding for Chennai metro rail project
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Can provide up to 20 pc of the cost of an infrastructure project: Minister
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Chennai
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Aug 3
The Union Government "would be more than happy" to provide viability gap funding for the proposed Chennai Metro Rail Project, the Union Minister for Urban Development and Poverty Alleviation, Mr Jaipal Reddy, has said.
Delivering the inaugural address at Suminfra 2006, a conference on infrastructure organised here by the Confederation of Indian Industry, Mr Reddy said that the Union Government could provide up to 20 per cent of the cost of an infrastructure project as viability gap funding.
Earlier, Dr Poongothai Aladi Aruna, Tamil Nadu Social Welfare Minister, spoke of the Government's proposal for Chennai Metro Rail Project.
Mr Reddy said that metro rail projects were coming up in four cities — Delhi, Bangalore, Mumbai and Hyderabad.
He said `special purpose vehicles' had been created for the Delhi and Bangalore projects, while the Mumbai project would be done on `public-private-partnership' model.
Another speaker, Mr P.J. Joseph, Kerala PWD Minister, said that the Government would also encourage infrastructure development through public-private-partnership model.
Mr Reddy also pointed out that there was a need to evolve a standard legal framework for PPP model, which would address the risk perception of investors.
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