Uttar Pradesh Boosts Urban Infrastructure with Municipal Bonds

The Uttar Pradesh Cabinet has approved the issuance of municipal bonds for Prayagraj, Varanasi, and Agra, aiming to improve infrastructure development. Bonds will raise market funds, augmented by government incentives. Additionally, infrastructure projects include a new residential development and an inner ring road in Agra.

The Uttar Pradesh Cabinet has taken significant steps to enhance urban infrastructure in the state by approving municipal bonds for the cities of Prayagraj, Varanasi, and Agra. This move is expected to generate substantial market funds for infrastructure development.

Each bond issuance aims to raise Rs 50 crore, supplemented by a government incentive, ensuring effective financial backing for long-term infrastructure projects. Chief Minister Yogi Adityanath chaired the cabinet meeting in the Maha Kumbh Mela area.

Additional developments approved include a residential project and a 100-meter-wide inner ring road in Agra, along with an ex-gratia payment to cover land acquisition costs. These measures are anticipated to drive sustainable growth and development in key urban areas of Uttar Pradesh.

(With inputs from agencies.)