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OUIDF inks pact with Germany’s KfW for long term loan of 55 mn Euros




 The Odisha Urban Infrastructure Development Fund (OUIDF) has entered into an agreement with KfW (A development bank of Germany)  to avail concessional long term loan of Euro 55 million (equivalent to Rs 44 crore) for implementation of various projects.

The agreement, which was signed in the presence of Chief Minister Naveen Patnaik envisages payment of the loan over a period of 10 years commencing from December 2022. The entire amount has to be utilized within a period of six years from the date of agreement. Besides, KfW has also agreed to provide technical assistance of Euro 2 million (equivalent to Rs 16 crore). According to official sources, the agreement was signed considering the dire need for infrastructure projects like energy efficient street lighting, reclamation and development of water bodies, solid waste management, sewerage systems, water supply, storm water drainage, etc across the urban areas of the State.

The State government felt the necessity of sourcing low cost and long term funds for such purpose which can be deployed through ULBs having weak financial base by providing loans and grants. The total capital requirement for such infrastructure projects to be considered through OUIDF funding, has been estimated at around Rs 2,000 crore.

KfW, Germany had extended financial assistance in the form of long-term concessional loan of Euro 50 million (equivalent to approximately Rs 400 crore) and technical assistance grant of Euro 2.5 million (equivalent to approximately Rs 20 crore under its first line of credit. The State government had provided its share of Euro 5 million (equivalent to Rs 40 crore) towards loan and Euro 0.5 million (equivalent to approximately Rs 4 crore) as Technical Assistance Grant. The agreements with KfW were executed on August 2, 2012. The assistance received from KfW and the State government were utilized in  the shape of loan and grant in equal proportion to various ULBs.

The State government has committed to achieve greater convergence of schemes by combining funds from OUIDF with State grant, SBM, AMRUT, PMAY, etc and develop high quality assets for ULBs across Odisha.






Editorial

Précis 2017
From asking his party men to ‘live a simple life and serve the people’ to taunting the BJP for its ‘crocodile tears’, Chief Minister and BJD supremo Naveen Patnaik has not only become politically invincible, he seems to be so in the coming years too.

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