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 1156.46 crore as part funding for 31 projects sanctioned under JnNURM-UIG and 3 projects sanctioned under to GCC for roadsMIDF 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 340.11 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 |
| CMWSSB |
21 |
1875.52 |
972.88 |
478.63 |
424.00 |
| Corporation of Chennai |
11 |
2414.04 |
768.39 |
664.56 |
981.09 |
| Municipalities |
1 |
32.62 |
16.31 |
8.15 |
8.15 |
| Town panchayats |
1 |
20.47 |
10.23 |
5.11 |
5.12 |
| Total |
34 |
4342.65 |
1767.81 |
1146.45 |
1418.36 |
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 813.60 crore have been disbursed to the implementing agencies for the sanctioned projects..
Physical and financial status of the projects
Out of sanctioned 34 projects, 29 projects have been completed, 5 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 |
|---|
| CMWSSB |
21 |
1875.52 |
16 |
1044.98 |
885.08 |
5 |
830.54 |
710.48 |
| Corporation of Chennai |
11 |
2414.04 |
11 |
2414.04 |
2166.65 |
0 |
0 |
0 |
| Municipalities |
1 |
32.62 |
1 |
32.62 |
35.97 |
0 |
0 |
0 |
| Town Panchayats |
1 |
20.47 |
1 |
20.47 |
22.50 |
0 |
0 |
0 |
Total |
34 |
4342.65 |
29 |
3512.11 |
3110.20 |
5 |
830.54 |
710.48 |
|