MMRDA, World Bank in talks for infrastructure projects

In a bid to look for options to finance its big-ticket infrastructure projects, the Mumbai Metropolitan Region Development Authority (MMRDA) on Friday had the first round of discussions with officials of the World Bank (WB).

However, officials of both bodies were not willing to share what was discussed. “The discussions took place at a preliminary level and we have nothing more to say at this stage,” said joint metropolitan commissioner Ashwini Bhide. WB transport expert Hubert Nove Josserand refused to divulge any details of the talks.

According to sources in the authority, financial assistance has been extended for a bouquet of infrastructure projects, ranging from water resources to the metro and monorail’s viability gap funding.

“The WB officials made a detailed presentation about the various financial options they can offer the MMRDA,” said an MMRDA official requesting anonymity. “However, this is just the beginning of a process. The options will have to be studied by our financial experts and only then can we recommend them to the Centre. The final decision about the possibility of funding will be taken by the Centre.”

Top officials of the MMRDA had recently visited New Delhi to brief officials of the Department of Economic Affairs about the financial needs of the MMR, especially for the infrastructure projects which are being planned.

During the meeting, the Centre was told that the MMR will need a mammoth funding of Rs3 lakh crore by the year 2031 for improving infrastructure. The MMRDA put forth other demands, financial assistance from global agencies being one of them.

Additional metropolitan commissioner SVR Srinivas had also hinted at increasing participation from the World Bank beyond the Mumbai Urban Transport Project (MUTP).