Bangalore, Mar 1 (UNI) The Centre has initiated a process of credit assessment and rating of urban local bodies across 63 cities to achieve the objectives of Jawaharlal Nehru National Urban Renewable Mission (JNNURM) in the next seven years, Union Urban Development Secretary M Ramachandran said today.
In his keynote address in a regional seminar on 'Financial Leveraging for Urban Infrastucture Investments' here, Mr Ramachandran said the rating cover planned general obligation debt, implying assessment of overall financial situation and service delivery system.
''The exercise has been carried out by reputed rating agencies engaged by the Ministry of Urban Development.'' He said only two cities had been rated in top category along with 28 in investment-making category.
The results of the report would be made public soon. The Ministry was holding a series of regional seminars across the country to share the findings of the credit rating with the range of stakeholders, including banks and financial institutions, he said.
He stressed the need for the setting up of a common platform for management of metropolitan transport system. ''A network of parking lots should be set up under public-private partnership mode to efficiently manage traffic in metros.'' Stating that the Ministry had projected a fund of Rs 1.27 lakh crore for taking up the projects under the JNNURM in the next seven years, he said it had sanctioned more than 300 projects worth Rs 26,000 crore, covering drinking water supply, drainage, solid waste management, sewarage system besides providing basic infrastructure facilities for urban poor.
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