Kolkata: The Centre is preparing a policy framework that will facilitate creation of infrastructure fund involving multilateral agencies and Indian institution to finance economicaly viable urban projects.
“A consultation process is going on with the Planning Commission and Cabinet Committee on Economic Affairs (CCEA) to frame the guidelines over setting up a urban infrastructure fund,” Ministry of Urban Development secretary M Ramachandran said after the regional review meeting of Jawaharlal Nehru Urban Renewal Mission (JNURM) here.
He said while the World Bank has already evinced interest to put in $500 million in the fund, Indian institutions are waiting for the policy before making commitment. Asian Development Bank (ADB) has shown interest to participate.
Explaining the tentative contours of the fund, he said a separate asset management committee would be formed that would be managed by professionals. The projects would be cleared in consultation with the government. However, as of now the government would have no direct contribution to the fund.
Altogether 215 projects are approved under JNURM, which totals Rs18,466 crore, against which the Centre would give assistance of Rs9,502 crore.