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METROPOLITAN INFRASTRUCTURE DEVELOPMENT FUND SCHEME (MIDF)

INTRODUCTION

The Mega City Programme (MCP) was launched by Government of India ( GOI ) during 1995 and phased from December 2005. As per the guidelines the sharing between Central and State Government is 25:25 and the balance 50% to be met by the implementing agencies. The funds from Central and State Governments flow directly to the Nodal Agencies(TUFIDCO) as grant. The Nodal agency should give project-based loans at variable rates of interest, with a judicious mix of grants and loans to various implementing institutions. The Nodal agency should create a revolving fund out of repayment made by the implementing institutions for the development of infrastructural assets on continuous basis.

Accordingly, TUFIDCO had created the Revolving fund and the same has been converted as Metropolitan Infrastructure Development Fund ( MIDF ) as approved by GOI. The GOI have stated that the above funds may be utilized for any infrastructure development project on the lines of the guidelines governing the MCP. The total fund so far created under MIDF is Rs 1039.53 crore(as on 31.12.2011).

SANCTION UNDER MIDF

From the MIDF revolving fund TUFIDCO have sanctioned financial assistance to an extent of Rs 866.45 crore as part funding for 31 projects sanctioned under JnNURM-UIG and 1 project sanctioned under MIDF scheme to meet the local body/implementing agency contribution in Chennai city and peripheral local bodies. The Balance MIDF fund available for sanction is Rs 755.12 crore

Agency wise sanction under MIDF (Rs In crore)

Name of the Agency
No.of projects sanctioned
Approved cost
Govts. share under JnNURM
MIDF share
ULB share
CMWSSB201714.55892.39438.39383.76
Corporation of Chennai91834.00768.39374.54691.06
Municipalities2193.5896.7948.3948.39
Town panchayats120.4710.235.115.12
Total
32
3762.61
1767.80
866.43
1128.33

Method of release of funds

TUFIDCO is releasing the sanctioned funds on quarterly basis, however advance releases have also been made based on the progress of the projects. So far a sum of Rs 497.38 crore have been disbursed to the implementing agencies for the sanctioned projects..

Physical and financial status of the projects

Out of sanctioned 32 projects, 16 projects have been completed, 16 projects are in progress. The Agency wise details of projects completed and in progress.

Details of projects completed and in progress (Rs in crore)

Agency
Nos
App.Cost
Completed
In progress
Nos
App.cost
Exp
Nos
App.cost
Exp
CMWSSB201714.5510695.69566.16101094.71843.74
Corporation of Chennai91834.00344.4677.7461789.541225.64
Municipalities2193.582117.73109.8100.000.00
Town Panchayats120.47120.4722.5000.000.00
Total
32
3762.61
16
878.36
776.21
16
2884.25
2069.38