NT NETWORK
PANAJI
The state government has designated Economic Development Corporation Ltd as State-Level Financial Intermediary (SLFI) for funding urban infrastructure projects in the state.
A notification issued by the department of Urban Development states that as there is presently no institutional structure to cater to funding urban infrastructure projects, the government has decided to designate EDC as SLFI.
“Urbanisation is set as a national priority by government of India to provide basic services like water supply, sewerage and urban transport to households. Every urban local body (ULB) is responsible to provide basic amenities and to achieve the national goal. However, ULBs are constrained with fund shortage and are also hindered by long and cumbersome procedures to get access to capital market. As there is currently no institutional structure to cater to funding urban infrastructure projects, government of Goa has decided to designate EDC Ltd as State-Level Financial Intermediary (SLFI),” the notification reads.
The key functions and responsibilities of SLFI is to fund urban infrastructure development projects including AMRUT that improve living standards of the urban population, enter into joint ventures and/or public private partnerships and facilitate private sector participation in infrastructure development, operate a complementary window of Viability Gap Fund to assist in addressing problems of the cities with weak financial health, mobilise market-based funds for ULBs to finance urban infrastructure.
The SLFI shall also create an Urban Infrastructure Development Fund as a ‘Trust’ and a project development company which also acts as assets management company to the ‘Trust’. EDC Ltd will liaise with Mission director AMRUT and MD and CEO, Imagine Panaji Smart City Development Ltd for further needful a
ction.