World Bank to think over $5-bn help for Mumbai makeover
World Bank will consider an assistance of $ 5 billion (Rs 25,000 crore) to the state government for the development of the Mumbai Metropolitan Region
The World Bank will consider an assistance of $ 5 billion (Rs 25,000 crore) to the state government for the development of the Mumbai Metropolitan Region over the next 10 years, said Chief Minister Vilasrao Deshmukh after a meeting with World Bank officials today.
This assistance, if it comes, will be part of the Rs 2,28,000-crore infrastructural development programme that the state has in mind to transform Mumbai into a world-class city along with the infrastructure development of neighbouring areas like Thane, Vasai, Virar, Navi Mumbai, Karjat, Alibag and Pen.
World Bank Managing Director Graeme Wheeler led his team that attended the meeting at the CM’s residence with top state government officials and heads of BMC, MMRDA and BEST.
Deshmukh said the World Bank team is happy with the progress of several ongoing projects in Mumbai. Wheeler inspected the projects, including the resettlement and rehabilitation of the project affected people being undertaken by the MMRDA.
“The government seeks to source funds for the infrastructure projects through the mechanism of public-private partnerships and also through direct funding by the public sector. For this, the government proposes to create the ‘Ring Fenced Mumbai Infrastructure Fund’ that could be serviced by committed revenue sources such as development charges and betterment levies,” said an official.
The official said that the state government was hopeful of getting World Bank funds for the development of the region, especially distant suburbs like Vasai and Virar.
“We want the World Bank to finance specific projects over the coming decade. The World Bank has assured us that if the amount cannot be raised from public-private participation, they would provide us necessary funds,” said Sanjay Ubale, Secretary (special projects).
Decision on ULCA in six months: CM
”In the next six months, we’ll take a decision on the Urban Land Ceiling Act, Property Development Act and Stamp Duty related issues,” said CM Vilasrao Deshmukh today. ”Since issues over the Maharashtra Rent Control Act are in court, I don’t want to comment on it. But we want to settle this issue as early as possible. The government will call MLAs from Opposition parties to discuss this topic.”