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GRANT FUND - III
The Government of Tamil Nadu (GoTN) has proposed to implement
the Third Tamil Nadu Urban Development Project (TNUDP-III)
to the tune of US $ 434 million over a period of five years
with the IBRD line of credit of US $ 300 million. The project
was launched on 19th October 2005. The project consists of
two main components, the Institutional Development and the
Urban Investment Component. Under the Urban Investment Component,
the allocation for the traffic and transportation measures
is US $ 150 million, of this amount the GoTN’s share
will be about US $ 27 million and the IBRD’s line of
credit will be about US $ 123 million.
Increasing population and vehicular traffic has exposed serious
supply side constraints of transport infrastructure in the
Chennai Metropolitan Area. Recognizing the need to address
the shortcoming in this sector, the Government of Tamil Nadu
decided to set up, with the financial assistance of IBRD under
the TNUDP – III a fund called Grant Fund-III (GF-III)
amounting about Rs.651 crores (equivalent to US $ 150 million).
This will finance the costs incurred for up-gradation of roads,
bridges, traffic management measures etc., to be implemented
under the supervision of Chennai Metropolitan Development
Authority (CMDA).
Accordingly, the GoTN in its order G.O. Ms. No.67, Housing
and Urban Development Department, dated 27.02.2006 has accorded
sanction for setting up GF-III under TNUDP – III for
an amount equivalent to US $ 150 million which shall be managed
by Tamil Nadu Urban Infrastructure Financial Services Limited
(TNUIFSL) and approved the guidelines to operate the fund
for successful implementation of TNUDP – III. As stipulated
by the Government, a Management Agreement has been entered
in to by GoTN on 30th June 2006 with TNUIFSL to manage the
funds.
OBJECTIVES
The GF-III will be used to assist projects executed by the Department of Highways and Rural Works (DoHRW) and Traffic Police under the supervision of CMDA, with respect to up-gradation of roads, distribution of grade separators, traffic management measures etc.
The amount of grant to be provided from GF-III shall be 100% of
- The cost of the Project Management Unit (PMU) of the CMDA
- Consultancies to cover all possible consultancies such as CTTS study etc.
- Implementation of the projects including supervision costs and
- Management fee charged by TNUIFSL for managing GF-III.
FUND SIZE, SOURCES AND ALLOCATION
OPERATIONS AND PROCEDURES
The Grant Fund III will be operated by Tamil Nadu Urban Infrastructure Financial Services Limited based on the present Grant Fund guidelines and Grant Fund Management contract between Government of Tamil Nadu and Tamil Nadu Urban Infrastructure Financial Services Limited and as per the procedures prescribed by GoTN, from time to time.
ELIGIBILITY CRITERIA
All traffic and transportation projects to be implemented
in the Chennai Metropolitan Area under the supervision of
CMDA under Tamil Nadu Urban Development Project-III would
be eligible for funding assistance under GF III.
APPLICATION & APPROVAL
The CMDA will generally make a quarterly request to TNUIFSL
for release of funds and accordingly grant would be released
on quarterly basis. However in the case of payment to consultants,
grant would be released in accordance with the Terms of Reference
(ToR) given to the consultant for every stage of completion
of the report and in the case of implementation of works,
grant of 20% of the estimated contract value would be released
initially and further release would be made upon utilization
of around 80% of funds previously disbursed. CMDA will send
the Statement of Expenditure (SoE) to TNUIFSL upon utilization
of funds in the format prescribed by TNUIFSL in order to claim
reimbursement from the World Bank.
PERFORMANCE
A sum of Rs.15.63 crores has been disbursed to CMDA for
implementing the projects as Traffic and Transportation Component
under TNUDP-III.
DISBURSEMENT DURING 2006-07
During the Financial year 2006-07, a sum of Rs.52.00 lakhs was released by GoTN under TNUDP-III as Grant to GF-III. A sum of Rs.1.08 lakhs being the excess of income over expenditure for the financial year 2006-07 has been transferred to Grant Fund. The grant disbursed to the PMU, CMDA is Rs.52.00 lakhs. The balance of grant fund as on 31.03.2007 is Rs.1.08 lakhs.
DISBURSEMENT DURING 2007-08
A sum of Rs.1.25 lakhs was available in Bank Accounts of
GF-III account as on 01.04.2007. During the Financial year
2007-08, a sum of Rs.6.85 crores was released by GoTN under
TNUDP-III as Grant to GF-III. A sum of Rs.12.84 lakhs being
the excess of income over expenditure for the financial year
2007-08 has been transferred to Grant Fund. A sum of Rs.5.85
crores has been disbursed to CMDA. The balance of grant fund
in the Bank Accounts as on 31.03.2008 is Rs.1.14 crores.
DISBURSEMENT DURING 2008-09
A sum of Rs.1.14 crores was available in Bank Accounts of
GF-III account as on 01.04.2007. During the Financial year
2008-09, a sum of Rs.42.23 crores was released by GoTN under
TNUDP-III as Grant to GF-III. A sum of Rs.1.27 crores being
the excess of income over expenditure for the financial year
2008-09 has been transferred to Grant Fund. A sum of Rs.15.63
crores has been disbursed to CMDA. The balance of grant fund
in the Bank Accounts as on 31.03.2009 is Rs.28.91 crores.
DISBURSEMENT DURING 2009-10
A sum of Rs.27.15 crores has been disbursed to CMDA for
implementing the projects as Traffic and Transportation Component
under TNUDP-III. The balance of grant fund as on 31.03.2010
is Rs.3.13 crores (previous year Rs.28.91 crores).
DISBURSEMENT DURING 2010-11
A sum of Rs.25.80 crores has been received during the financial
year 2010-2011 from Government as grant for implementing the
projects as traffic and transportation component under TNUDP-III.
A sum of Rs.26.25 crores (previous year Rs. 27.15 crores)
has been disbursed during the financial year 2010-2011 to
CMDA for implementing the projects as Traffic and Transportation
Component under TNUDP-III.
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