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Digital Subscriptions > > Financing India’s smart cities mission– the Special Purpose Vehicle

Financing India’s smart cities mission– the Special Purpose Vehicle

After the first round of shortlisting of cities by the states resulting in a selection of 98 cities for the Smart Cities Mission, and the remaining two in Jammu and Kashmir and Uttar Pradesh still being contended, the second stage of evaluating the Smart City Proposals is being currently conducted with the support of the Bloomberg Foundation, the knowledge partner for the Ministry of Urban Development (MoUD) for the mission.

Municipal bonds have historically been the tool of choice for raising public finance for infrastructure projects
Photo: Skye Vidur

After the first 20 smart cities were selected at the end of January (see page 82), the next step is to set up a Special Purpose Vehicle and begin executing the proposals. Understanding the capabilities and limitations of the municipalities, such vehicles have been made the centre stage of the smart cities implementation exercise, right from planning, appraising, approving and releasing funds through to the administration of projects.

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