Greater Visakhapatnam Municipal Corporation likely to borrow funds for urban renewal plan

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) is considering to borrow funds for completing the projects taken up under the Jawaharlal Nehru National Urban Renewal Mission (JnNURM) in the city.

The GVMC is likely to borrow Rs 150 crore for the purpose. However, it has kept the decision on hold in view of funds to be released by the state government. It is likely to get Rs 126 crore from the state government.

So far, the GVMC has borrowed Rs 300 crore to fund its 30 per cent share of the Rs 1,895-crore urban mission works.

Out of the cost, Rs 180 crore is for 15,500 houses for which no share of the corporation is required.

Moreover, an additional water supply project pegged to cost Rs 80 crore has also been included. Altogether the corporation's share is estimated at Rs 540 crore.