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Four months after the French Development Agency (AFD) signed a loan agreement of 100 million euros for Smart Cities Mission, the Center announced a new selection process of 15 projects for funding.
Four Sectors
The loan, amounting to 809 crores, will be granted for projects in one of four sectors: sustainable mobility, open public spaces, urban governance and ICT and organizational innovation in low-income neighborhoods.
Housing and Urban Affairs Minister Hardeep Singh Puri said on Monday that cities would not get automatic financing, but would rather wait for it. they are competing for this funding. The challenge process would be led by the National Institute for Urban Affairs. The duration of the program will be three years, until 2020-21.
The AFD will grant grants ranging from ₹ 20 crore to ₹ 80 crore for each of the selected projects. The grant will probably cover 50 to 80% of the cost, with each city having to collect at least 20% of the money on its own. The repayment of principal and interest will be shared equally by central and state governments, according to an official statement.
Several other Smart Cities initiatives were launched on Monday, including an internship and scholarship program, and a digital payment initiative that is being implemented in the form of a 100-day challenge.
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