New Delhi, Aug 13 (PTI) The South Delhi Municipal Corporation has set the ball rolling for the issuance of municipal bonds worth Rs 500 crore, seeking to fund two important projects, officials said today.
The Standing Committee of the SDMC cleared the proposal after which it now awaits nod from the House.
“Since these projects would give a good return on investment, so people would be inclined to buy the bonds. Also, previously only few civic bodies have adopted such policies like the Brihanmumbai Municipal Corporation (BMC) and the New Delhi Municipal Council,” a senior official said.
The SDMC has been able to pursue adoption of this policy ad we have the AA+ ranking from the ICRA limited, an agency for rating urban local bodies in the country approved by the Union government, he said. PTI
Source: India Today