Few months back, the government of Tamil Nadu took many by surprise when it announced the implementation of Chennai City Partnership initiative in the budget session.
The news now is that the World Bank has approved a loan of 150million USD equivalent to Rs 1124.6 crores. Sensational right!!
The implementation of Chennai City Partnership would be carried out by using the funds provided by both World Bank and Asian Infrastructure Investment Bank. This was revealed by an officer belonging to Chennai Corporation. He later hinted that many projects would be implemented by using funds from these 2 funding agencies and own funds. Truth is that both these agencies would provide 150 million USD each. Improving the bus operations would be given preference and for that highest amount from the funds would be earmarked. Both the World Bank and Asian Infrastructure Investment Bank would provide funds of 41 million USD each to MTC.
The health system in Chennai would be strengthened and for that amount of 20million USD would be provided by these 2 agencies. The official then spoke about how the projects must be started using their own funds and how later on funds would be provided by the World Bank based on the progress.
It is now said that under the initiative several government agencies would undertake projects to improve mobility, transparency plus efficiency of water supply and bus services, health systems strengthening etc. To take the initiative forward, the World Bank had approved the funding after many discussions with the state government recently is known.