1. The Hon'ble Chief Minister of Tamil Nadu, Selvi J. Jayalalitha formally launched the World Bank assisted Third Tamil Nadu Urban Development Project (TNUDP-III) in Chennai on 19.10.2005. The 5 Year Project envisages a total investment of Rs.1925 crores ($ 435 million) in the Urban areas of the State, of which an amount of Rs.1350 crores ($ 300 million) would be provided by the World Bank and the balance met through State Government and local body funding.
2. The TNUDP-III is aimed at consolidating the achievements under the TNUDP-II Project, which was completed in 2004. During the earlier Project, the State had achieved many pioneering firsts in the area of urban sector reforms in the country as a whole, which have been acknowledged by World Bank. These had included the innovative infrastructure financing models which had been developed, like the revenue bond floated for the financing of the Ring Road in Madurai and the pooled bond issue floated for water supply projects in 13 Urban Local Bodies.
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