💨 Abstract

The Uttar Pradesh Cabinet has approved the issuance of municipal bonds for the municipal corporations of Prayagraj, Varanasi, and Agra, to raise funds for infrastructure development. The bonds will be backed by a grant of Rs 13 crore for every Rs 100 crore raised, with the Indian government depositing incentive amounts into an escrow account. The municipal corporations can use these funds for long-term infrastructure projects.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖