IFC inks $60 mn deal with Visakhapatnam govt to upgrade sanitation infra (Soban News)

In a first-ever municipal funding, the International Finance Corporation, a World Bank Group arm, has announced a commitment of up to USD 60 million (about Rs 498 crore) in rupee-denominated non-convertible debentures of the Greater Visakhapatnam Municipal Corporation to transform sanitation infrastructure.
To this effect, a formal agreement was signed on Monday at the Andhra Pradesh Secretariat between the International Finance Corporation (IFC) and Greater Visakhapatnam Municipal Corporation (GVMC), marking a path-breaking development in India’s municipal finance landscape.
This is the first-ever direct municipal financing by IFC in India, and also the first instance of a development finance institution extending investment to an Indian city without a sovereign guarantee, a joint statement said.
The development signals a new era of municipal creditworthiness, showcasing how financially disciplined and progressive urban local bodies (ULBs) can attract global capital for critical ..

​In a first-ever municipal funding, the International Finance Corporation, a World Bank Group arm, has announced a commitment of up to USD 60 million (about Rs 498 crore) in rupee-denominated non-convertible debentures of the Greater Visakhapatnam Municipal Corporation to transform sanitation infrastructure.
To this effect, a formal agreement was signed on Monday at the Andhra Pradesh Secretariat between the International Finance Corporation (IFC) and Greater Visakhapatnam Municipal Corporation (GVMC), marking a path-breaking development in India’s municipal finance landscape.
This is the first-ever direct municipal financing by IFC in India, and also the first instance of a development finance institution extending investment to an Indian city without a sovereign guarantee, a joint statement said.
The development signals a new era of municipal creditworthiness, showcasing how financially disciplined and progressive urban local bodies (ULBs) can attract global capital for critical .. 

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