Pioneering Municipal Finance: IFC's Historic Investment in Visakhapatnam

The International Finance Corporation (IFC), part of the World Bank Group, has inked a USD 60 million financing deal with Greater Visakhapatnam Municipal Corporation (GVMC) to enhance sanitation infrastructure.

This groundbreaking agreement marks India's inaugural direct municipal financing without a sovereign guarantee, a significant milestone for urban financial independence. The funds will be used for the Madhurawada sewerage project, crucial for one of Visakhapatnam's rapidly growing areas.

Municipal Administration and Urban Development Principal Secretary S Suresh Kumar highlighted that this collaboration with IFC sets a transformative precedent for Indian cities to secure global investments with financial discipline and administrative progressiveness.

(With inputs from agencies.)