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Odisha inks pact with German bank for urban infra development

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Bhubaneswar:  Odisha government today signed a Memorandum of Understanding (MoU) with a German Bank for the development of infrastructure in urban bodies in the State.

Odisha Urban Infrastructure Development Fund (OUIDF), a fully owned trust by the Odisha government, under Housing and Urban Development Department (HUDD), inked the pact with the German government-owned development bank, KfW, to avail a concessional long-term loan of Rs 440 crore for strengthening urban infrastructure.

As per the agreement, the German bank will provide technical assistance of Rs 20 crore to tackle problems of sewage systems, water supply, affordable housing, energy efficient street lighting, solid waste management, modern abattoirs, wet markets, reclamation and development of the water bodies.

The entire amount is to be utilized within a period of six years from the date of agreement.

Chief Minister Naveen Patnaik, Industries and Urban Development Minister Niranjan Pujari, Chief Secretary AP Padhi, BMC Mayor Ananta Narayan Jena, representatives of KfW Development Bank and other officials were present on the occasion at state Secretariat.

OUIDF has been set up with the goal of developing sustainable financial structures that will effectively link external, non-budgetary sources of finance and capital markets with the financing needs of Urban Local Bodies (ULBs)