CHENNAI: The Asian Infrastructure Investment Bank (AIIB) will provide $150 million to implement World Bank-backed Chennai City Partnership: Sustainable Urban Services Program, in an attempt to enhance quality, efficiency, and resilience of urban services in the city.
The programme is envisioned as a first-phase engagement and a building block for AIIB’s long-term partnership in Chennai Metropolitan Area (CMA) by supporting the government’s programme of expenditures, said sources. The financing will cover core urban services, including water resource management, water supply and sewerage, urban mobility, solid waste management, and public health.
The programme is being implemented over a period of nine years (2021-2030) with an estimated Budget of $1.43 billion for development of institutions, infrastructure and systems in CMA, catering to the Greater Chennai Corporation, eight municipalities and surrounding local bodies, according to official sources.
The programme will be managed by the Tamil Nadu Infrastructure Development Board (TNIDB) at the State-level and will provide financial and technical support to all key service delivery institutions at metropolitan and urban local bodies-level in CMA, added sources.
According to the AIIB project information summary, released last month and accessed by Express, the project will focus on supporting activities across three interlinked results areas -- strengthening governance and institutions for integrated and resilient service delivery; enhancing quality, efficiency and sustainability of urban services; and improving financial sustainability of urban service.
Since the project is jointly co-financed, with the World Bank as lead co-financier, its environmental and social risks and impacts have been assessed in accordance with the World Bank’s Policy on Program-for-Results Financing. However, it differs from the AIIB’s Environmental and Social Policy which was designed to apply to investment projects.