Construction Industry News
The Pune Municipal Corporation (PMC) has signed an agreement with the International Finance Corporation (IFC) under which the civil body will borrow a loan to build more sewage treatment plants (STPs) in the city. On behalf of the PMC, Municipal Commissioner Vikram Kumar signed an agreement with the IFC authorities.
On that occasion, Kumar said: "IFC would do a detailed study of the project and suggest how to borrow a long-term loan and what the interest rate for the same should be. PMC will therefore plan to use these funds to set up new STP facilities."
Recently, 34 villages were merged to PMC limits and these areas did not have proper sewage systems. Now, to provide facilities to these villages, the civic body plans to build the STPs, and the agreement will see the IFC act as an advisor for the Rs 1,000 crore project. Under the agreement, the IFC will investigate locations in the city and guide PMC in initiating the long-term project.
Meanwhile, PMC for old city areas has already received funding from Japan International Corporation Agency (JICA) to implement a river rejuvenation program, with the civic body installing STPs for Peth areas.
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