Indore (Madhya Pradesh): In a major boost to Indore’s infrastructure push, Indore Municipal Corporation (IMC) on Thursday signed a MoU worth Rs 1,700 crore with the International Finance Corporation (IFC).

The funds will support key projects, including the AMRUT scheme (Phase IV), a new municipal headquarters, Chandan Nagar Bridge on Dhar Road and a new municipal workshop.

The MoU was signed in the presence of Mayor Pushyamitra Bhargav by IFC representatives Mohan Banediwala and Victoria Delmen, along with municipal commissioner Shivam Verma.

AMRUT project expanded to Rs 2,200 cr

Mayor Bhargav said the scope of the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), initially pegged at Rs 1,100 crore, had now been expanded to nearly Rs 2,200 crore to meet future needs.

Of this, Rs 1,200 crore will be directed towards the AMRUT project, while Rs 500 crore will fund the new civic headquarters, Chandan Nagar Bridge and workshop.

Historic loan without collateral

Highlighting the achievement, the Mayor remarked: ‘It is a matter of pride that IMC has secured a loan of Rs 1,700 crore without any guarantee or collateral — purely on the strength of the corporation’s credibility.

IFC’s role is not limited to financing but will also extend to providing technical assistance, which will guide Indore’s future growth.’

Long-term water security for Indore

The Mayor further announced that the fourth phase of the Narmada Water Project will meet Indore’s requirements until 2045 and ensure adequate water supply until 2055. Calling it a milestone for the city’s long-term growth, he expressed gratitude to IFC, noting this was the first time an Indian city had received such a large loan without collateral.

‘We look forward to welcoming the IFC team again in the future to witness the progress of these landmark projects,’ Bhargav added.