The SMC project will be under this agreement.Interestingly, Surat has never taken loan from any international agencies for its projects. We plan to start work as soon as permissions from government are through. "If all goes well, Surat would get this loan at one per cent interest for 12 years with three years of moratorium will be repaid in equal instalments, said SMC officials. "We need to explore and get these means of transport ready to cater to huge population and also factor in the future growth," said G S Gamit , executive engineer, SMC.During Prime Minister Narendra Modi 's visit to Germany in 2015 that pact was signed for 1,400 million Euro funding for India. SURAT: Standing committee of Surat Municipal Corporation (SMC) has granted in principle permission for borrowing Rs 1,090 crore from German Development Bank known as KFW Development Bank for the civic body's ambitious urban mobility project.For the first time, SMC has decided not to go with incremental spending but go for one big loan that would include development projects like metro rail, water transport, non-motorized transport (NMT) system, ongoing mass transport system of city buses and BRTS.SMC has already made presentations of the project to Government of India and government of Gujarat and being one of the top 20 cities of the country its gets soft loans from Germany for infrastructure development.Municipal commissioner M Thennarasan said, "We have sent our proposals to the government and we expect it to be cleared in coming month or two.
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