IFC's Landmark Funding Boosts Visakhapatnam Sanitation Infrastructure

The International Finance Corporation (IFC), part of the World Bank Group, has made a groundbreaking financial commitment of up to USD 60 million (approximately Rs 498 crore) to the Greater Visakhapatnam Municipal Corporation (GVMC) for improving the city's sanitation infrastructure.

This marks IFC's first direct municipal funding in India, and an unprecedented instance of an international financier investing in an Indian city without sovereign guarantees, highlighting a major shift in municipal finance.

The investment targets the Madhurawada Sewerage System Project, aiming to enhance sanitation services in a fast-urbanizing area. The initiative exemplifies how municipal bodies can attract global private capital for essential urban projects, setting a precedent for resilient, low-carbon urban growth across India.