MMRDA is approved to issue bonds to fund $50,000,000,000 for infrastructure projects

It has been approved for the Mumbai Metropolitan Region Development Authority (MMRDA) to issue bonds worth Rs 50,000 crore to finance a number of infrastructure projects in the city and its surrounding areas. The idea was presented before the MMRDA meeting on Friday, which was presided over by Chief Minister Eknath Shinde. “As security for raising funds through bonds, MMRDA has agreed to provide land in BKC, Wadala Truck Terminal and other land, and built-up areas,” the source stated.

The state government has agreed to act as guarantee for these bonds, which will be for an extended period of time. The MMRDA has developed a proposal in 2017 as well to use LIC bonds to obtain money for Metro projects. A financial dilemma faces the MMRDA given the planned expenditures on infrastructure this decade. With the exception of Metro 3 (Colaba-Bandra-Seepz) and Metro 1 (Versova-Andheri-Ghatkopar), the total cost of the ten Metro projects is Rs 75,000 crore.

Source – Times of India

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