The International Finance Corporation (IFC), a member of the World Bank group, has been appointed as the lead adviser to help Andhra Pradesh Urban Finance and Infrastructure Development Corporation Limited (APUFIDC) in implementing public-private partnership projects for urban infrastructure development in the state.
APUFIDC is the state nodal agency for the Jawaharlal Nehru National Urban Renewal Mission programme. It has an ambitious programme to enable and assist urban local bodies and urban development authorities in setting up and developing public-private partnerships for urban infrastructure projects.
The memorandum of understanding (MoU) signed by IFC and APUFIDC builds on the existing relationship between the two organisations. IFC has been working with Andhra Pradesh to carry out specific mandates for projects throughout the state.
“IFC’s global experience will help Andhra Pradesh develop and close successful public-private partnership projects in select sectors to improve city and municipal infrastructure,” APUFIDC managing director, Praveen Prakash, stated in a press release.
The MoU aims to identify high priority transactions from across a range of urban infrastructure sectors in AP. It also envisages to mobilise outside assistance, as needed for project development, and finalise scope of work, timelines, and financial advisory service agreements for implementation of pilot transactions.
“IFC’s strategy is to promote inclusive growth and support infrastructure development in India and across South Asia. Our advisory work on public-private partnerships is a key contribution to infrastructure development in the region,” said Paolo M Martelli, IFC director for South Asia.