The Ministry of Urban Development (MoUD) has moved proposals before the finance ministry’s Department of Economic Affairs (DEA) for seeking financial assistance from France and Germany for funding its five-year Smart City mission.
The ministry's proposal before the DEA seeks a loan of approximately 500 million euros from AFD (French Development Agency) and from Germany’s Ministry of Economic Affairs, said MoUD officials.
“The French government has shown interest in partnering specifically with Puducherry, Nagpur and Chandigarh. Germany will put forth its views only in January, once we select 20 of the 100 Smart City nominees cities that will be eligible for priority funding during the first year of the mission,” the ministry official was quoted by The Indian Express newspaper.
The report also stated that, the ministry is yet to approve earlier proposals put forth by the MoUD seeking loans from the World Bank and Asian Development Bank (ADB).