The government has informed mission cities that the ADB has agreed, in principle, to extend a loan of US $1 billion, while the World Bank is willing to extend a loan of US $0.5 billion for the Smart City Mission. The BRICS Development Bank is also keen to support projects under the mission.
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Gauba also stressed the importance of mobilizing resources through municipal bonds and urged the cities to act quickly to obtain credit ratings from SEBI-approved agencies.
He said that the credit rating process for 85 cities has already been initiated under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and all 500 mission cities shall complete this process in the next one year.
“Infrastructure development in smart cities in India will continue to be the focus of the US government. There is a market potential of $1.5 trillion in smart cities,” Verma said at the 24th annual general meeting of the American Chamber of Commerce in India.
Not just the states, even foreign countries are showing keen interest in it. United States envoy to India Richard Verma on Friday said they are very excited about the scheme and keen for its success.
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