To boost the environmental sustainability of the towns in Odisha, the German Government-owned development bank KfW is signing a Loan Agreement worth EUR 50 million (approximately INR 350 Crore) and a Financing Agreement for project development and capacity building grant of EUR 2.5 million (approximately INR 15 Crore) with the Government of India.
The Agreement will be signed at the 3rd floor Conference Hall of the State Secretariat in Bhubaneswar by Mr. Prabodh Saxena, Joint Secretary, Department of Economic Affairs of India’s Ministry of Finance and Mr. Oskar von Maltzan, Director KfW Office, India, in the presence of Mr. Naveen Patnaik, Honorable Chief Minister, Odisha, the Chief Secretary to the Government of Odisha, Mr. Rainer Schmiedchen, Consul General of Germany in Kolkata and Mr. Bernd Dunnzlaff, Head of Economic Cooperation and Development, German Embassy.
KfW has assisted the Government of Odisha to set up “(OUIDF)” as a trust under Housing and Urban Development Department. OUIDF will act as financial vehicle for long run sustainable urban infrastructure financing in the state with a focus on integrated approach to the urban projects by securing access to fixed, low interest long-term funds and technical assistance to build expertise in implementing ‘bankable’ projects. The overall objective of the project is to contribute towards improvement of the environment protection and preservation of natural resources and living condition of urban population of Odisha.