ADB Offers Rs 452 Crore Infrastructure Loan To PCMC

August 18, 2010  //  Posted by: Anil Pharande  //  Category: Administration, Construction, Infrastructure, Municipal Corporation, News, PCMC, Pimpri, Pimpri Chinchwad, Projects, Property Finance, Property Market, Property News, Pune, Real Estate Investment, Real Estate News, Satellite Town, Traffic, Transport

PUNE: The Asian Development Bank (ADB) has offered a loan of Rs 452 crore to the Pimpri-Chinchwad Municipal Corporation to fund several infrastructure projects in the twin towns.

The PCMC Infrastructure Company Ltd a special purpose vehicle created by the PCMC to execute these projects has told the ADB to give details of the terms and conditions for sanctioning the loan.

The PCMC plans to develop 12 bus rapid transit system (BRTS) routes which includes BRTS corridors. The PCIC will collect taxes, development charges and advertisement charges through BRTS corridors.

Municipal commissioner Ashish Sharma, a member of the PCIC board of directors, said, “The PCMC will develop 12 BRTS routes. We have completed development of two routes. The work on three routes, namely Nashik Phata- Wakad road, Kalewadi Phata Dehu Alandi road and Aundh – Ravet road is in progress. The PCMC has to develop other three routes which require funds. The department of economic affairs has approved non-sovereign lending by the ADB to the PCIC.”

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