Mumbai, Feb 05: The Maharashtra government has secured financial and technical cooperation from Canada for the development of housing and infrastructure projects in the state, Chief Minister Devendra Fadnavis announced on Thursday. The collaboration is expected to give a major boost to several ongoing infrastructure initiatives across Maharashtra.
High-level meeting at Varsha
The announcement was made after a high-level meeting held at ‘Varsha’, the official residence of the Chief Minister, to explore funding options for major infrastructure projects. Chief Minister Fadnavis, along with senior state officials, interacted via video conferencing with Dr Sebastian, Chief Executive Officer of the Canada Infrastructure Bank (CIB).
“Canada has shown keen interest in contributing to Maharashtra’s development. The collaboration will begin with investments in two key housing and infrastructure projects through the Canada Infrastructure Bank. With Canada’s financial and technical support, infrastructure development in the state will gain fresh momentum,” Chief Minister Fadnavis said.
Focus on major state agencies
Chief Minister Fadnavis said several large-scale infrastructure projects are currently underway in Maharashtra and international cooperation will be leveraged to ensure their timely and effective execution.
He noted that the partnership would be particularly beneficial for major projects undertaken by MHADA and the Mumbai Metropolitan Region Development Authority (MMRDA). Two projects will be shortlisted in the initial phase for detailed discussions on collaboration, he added.
Assurance from Canada Infrastructure Bank
Dr Sebastian assured comprehensive technical and financial support through Canada’s financing ecosystem to strengthen Maharashtra’s infrastructure growth. He also committed to providing high-quality “Triple-A” rated credibility, including G20 offtake support wherever required.
Key features of the collaboration
Key features of the proposed infrastructure investment include funding in Indian rupees, eliminating repatriation risks and the need for hedging or swap mechanisms. The collaboration will also offer a ‘one-stop’, secure, encrypted web-based platform to connect Canadian investments with state government systems and industry networks.
For projects implemented by the state government or local bodies, the partnership will provide ‘turnkey solutions’, including assured funding, long-term repayment structures and insurance-backed risk mitigation.
Canada will also extend technical cooperation in project planning, execution and monitoring, with active participation from local partners to ensure effective implementation.
Officials and dignitaries present
The meeting was attended by senior officials from the Finance and Planning, Transport, Public Works, Agriculture and Urban Development departments, as well as representatives from the MMRDA, Brihanmumbai Municipal Corporation and CIDCO.
Also Watch:
The Chief Minister’s Principal Economic and Investment Advisor Kaustubh Dhavse, actor Ajinkya Dev and industrialist Atul Gupta were also present. During the meeting, a detailed presentation highlighting eight key aspects of investment by the Canada Infrastructure Bank was made.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
