The International Finance Corporation (IFC) is giving financial help to the city of Visakhapatnam in India. They are investing up to USD 60 million (about Rs 498 crore) in Greater Visakhapatnam Municipal Corporation (GVMC). They are providing this financial support for a project called the Madhurawada Sewerage System Project.
This project is focused on improving sanitation that means better systems for managing sewage and keeping the environment clean in the city.
This is also special because it’s the first time IFC is directly giving financial support to a city (not through the national or state government) in India. The project is expected to greatly improve the sanitation infrastructure in Visakhapatnam, making life healthier and cleaner for the people who live there.
Objectives Of The Project
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Build modern sewage infrastructure in Madhurawada
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Help keep the city’s coastline clean
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Create local jobs
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Support environment-friendly, low-carbon development
Cost Of The Project
The entire project will cost ₹553 crore, and the funding is coming from three sources:
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₹498 crore from IFC
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₹45.64 crore from the central government (under the AMRUT scheme)
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₹9.36 crore from GVMC’s own funds
Visakhapatnam is the first Indian city to get direct international funding from IFC to upgrade its sewage system, without any backing from the Indian government. It marks the start of a new way to fund urban infrastructure—using private and international capital without always depending on the government.
This shows confidence in the city’s ability to manage money and projects—and could open the door for more cities to do the same.