The International Finance Corporation (IFC) has agreed to finance the sewerage project to be taken up by the Greater Visakhapatnam Municipal Corporation (GVMC) in Madhurawada.
The GVMC has claimed to be the first Urban Local Body (ULB) in the country to get funding directly from the International Finance Corporation.
The GVMC and the International Finance Corporation signed an agreement in the presence of Chief Minister N Chandrababu Naidu at Amaravati on 8 September.
The project, to be taken up at an estimated cost of Rs. 553 crore, has been designed to provide a state-of-the-art sewerage system.
Once completed, it will cater to the needs of the present population and also serve the next three decades.
According to GVMC Commissioner Ketan Garg, the IFC will extend an investment of ₹498 crore for the project in Madhurawada, which is one of the fastest growing areas in north Visakhapatnam.
Describing it as a great moment, Ketan Garg said: “Visakhapatnam is proud to be the first city in India to get international development finance directly.”
The Commissioner said that the Chief Minister directed the officials to complete the project in time.
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This article is written by Senior Journalist Lakkoju Nagesh Babu
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