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Thursday, Oct 26, 2006
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World Bank may finance Vision Mumbai project

Special Correspondent

Could loan 10 % of outlay but State must submit firm proposals

MUMBAI: The World Bank could lend up to $ 5 billon to Maharashtra for modernising and developing infrastructure in the Mumbai Metropolitan Region, according to its managing director Graeme Wheeler.

Besides the finance, the World Bank was willing to supply its technical expertise and share its experience for such projects, Mr. Wheeler said.

He was talking to reporters here on Wednesday after meeting Chief Minister Vilasrao Deshmukh at his residence.

Transforming metropolis

Maharashtra has prepared a plan document, Vision Mumbai, which seeks to transform the metropolis and adjacent urban areas in the neighbouring districts of Thane and Raigad, into a world-class mega city at the capital outlay of $ 60 billion.

Mr. Wheeler said the World Bank could loan per cent of it but the State would have to submit firm proposals for that.

Earlier, the World Bank team that also comprised its South Asia Vice President, Praful Patel and Country Director Faiyaz Omar, reviewed ongoing bank-funded projects in the State.

Projects reviewed

The team expressed satisfaction over the progress of the projects, including rehabilitation of the affected persons.

Maharashtra has the second largest World Bank assisted programme in the country, after Tamil Nadu. The Bank's current lending portfolio in the State (net commitment) amounts to $ 1.076 billion.

The projects reviewed include large urban transport project in Mumbai costing $ 542 million, a water sector reform project of $ 325 million and rural water supply project of $ 181 million.

Mr. Patel and Mr. Omar told reporters that the World Bank was considering lending $ 600 million for Maharashtra's irrigation projects.

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