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IFC Commits Rs.498 Crores to GVMC for Madhurawada Sewerage Project in Visakhapatnam.

Banking & Finance | Dated: 11 Sep 2025

On September 8, 2025, the International Finance Corporation (IFC), a member of the World Bank (WB) Group, committed Rs.498 crores (USD 60 million) to the Greater Visakhapatnam Municipal Corporation (GVMC) for the Madhurawada Sewerage System Project in Visakhapatnam, Andhra Pradesh (AP).

🎯 Key Highlights:

  • - The project aims to strengthen sanitation infrastructure in Visakhapatnam, ensuring improved public health, environmental sustainability, and long-term urban resilience.
  • - The agreement was signed by Victoria Delmon, Head of IFC Asia, and Ketan Garg, Commissioner of GVMC, in the presence of Andhra Pradesh Chief Minister N. Chandrababu Naidu at Amaravati.

💡 Other Important Facts:

  • (i) IFC funding will be disbursed through rupee-denominated Non-Convertible Debentures (NCDs), making it the first-ever direct municipal financing in India without a sovereign guarantee.
  • (ii) The total estimated project cost is Rs.553 crores, with Rs.498 crores from IFC, Rs.45.64 crores from the Atal Mission for Rejuvenation and Urban Transformation 2.0 (AMRUT 2.0), and Rs.9.36 crores from GVMC.
  • (iii) This initiative represents a landmark in India’s urban financing model, enabling municipalities to access global capital markets directly for critical infrastructure projects.

📚 Test Your Knowledge:

Recently, the International Finance Corporation (IFC) committed Rs.498 crores for the Madhurawada Sewerage System Project in which Indian state?

Correct Answer: Andhra Pradesh

🚀 Quick Recap:

About Andhra Pradesh

  • Chief minister: N. Chandrababu Naidu
  • Governor: S. Abdul Nazeer