Lucknow, October 5 (IANS). Eager to support Uttar Pradesh’s goal of making it a ‘one trillion dollar’ economy and cooperate in the state’s infrastructure and agriculture technology, International Finance Corporation (IFC) Global MD Makhtar Diop on Saturday met Chief Minister Yogi Adityanath in his official capacity. Made a courtesy call at the residence.
During the meeting, various possibilities regarding cooperation in Uttar Pradesh were discussed. In particular, IFC expressed keenness for cooperation in the field of infrastructure and agricultural technology of the state through Public Private Partnership (PPP).
In the meeting, it was also discussed that IFC would develop a state-wide water program on the lines of Namami Gange in the state, which would focus on waste water treatment. On behalf of Chief Minister Yogi Adityanath, IFC was assured of all possible help for cooperation.
Makhtar Diop supported Chief Minister Yogi Adityanath’s goal of making the state a ‘one trillion dollar’ economy and expressed his eagerness to participate in it. For this, there is a need to focus especially on investment in infrastructure and through public-private partnerships (PPP) and agricultural technology.
IFC has been collaborating on many important projects over the years. IFC has invested $200 million in IndiGrid, India’s first and largest power sector infrastructure investment trust, which is modernizing India’s transmission sector. At the same time, IFC is also active as a consultant for PPP projects.
IFC and the World Bank Group are working with the state government to increase infrastructure investment in urban areas of Uttar Pradesh. There are at least seven cities in Uttar Pradesh (Kanpur, Lucknow, Ghaziabad, Agra, Varanasi, Meerut and Prayagraj) with a population of more than 10 lakh, which can form an important part of this initiative.
The IFC and the World Bank Group could jointly help establish a pooled financing structure for the state, thereby attracting private capital into urban infrastructure. A pooled commercial financing structure can leverage the financial strength of the State of Uttar Pradesh to meet the collective financing needs of urban infrastructure.
With support from the World Bank Group 100 Cities Program in collaboration with the IFC, a state intermediary can raise bonds on a pooled basis with a government guarantee or credit enhancement. The WBG-ADG 100 Cities Program with the Ministry of Housing and Urban Affairs aims to deliver bankable projects in water supply, sanitation and solid waste management services in 100 cities. This program is still in its initial stages.
IFC has invested approximately US$750 million since 2007 in 29 projects in sectors such as chemicals and fertilizers, housing, renewable energy, telecommunications, health and food processing. In efforts to promote the PPP model of the State Government, IFC has signed an MoU with the Department of Infrastructure and Industrial Development of Uttar Pradesh in July 2023, under which IFC will purchase, operate and maintain e-buses as a PPP mode. Providing consultancy services.
–IANS
SCH/ABM
