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Riding on Debt: Financial Assessment of Delhi Metro

Delhi Metro is the largest metro system in India and is also considered one of the most “successful” public transport projects. After nearly three decades of construction and operation in Delhi, the demand for creating metro systems in all million plus cities has grown despite being a capital intensive project. Few scholarly articles published in the last decade which have questioned the relevance of metro system in Indian cities have often been dismissed by the policymakers and popular media.

Afzar Jaffri on The Water sector and International Financial Institutions

At the Kharghar meeting on IFIs in India, Civil Society researchers discussed Understanding IFIS – Investments, intelligence and trends in critical sectors.

Transport and International Financial Institutions: Rajendra Ravi

Overlap of Issues on Key Sectors in relations with International Financial Institutions. IN Transport, the emphasis seems to be on high-cost travel and with pricing systems that push the poor into more inconvenient modes.

Smart Cities and International Financial Institutions

Overlap of Issues on Key Sectors in relations with International Financial Institutions. Smart Cities project will make pockets of the cities exclusive zones high-cost zones, which will again result in the marginalised being excluded into dense low-grade services area.

Press Release:People’s Movements Determined to challenge the unbridled expansion of infrastructure financing by international financial institutions

Chennai: June 4, 2018

• Peoples Movements & CSOs to organise Peoples’ Convention on infrastructure financing coinciding the 3rd Annual Governors Meeting of Asian Infrastructure Investment Bank (AIIB) in Mumbai
• Determined to challenge the unbridled expansion of infrastructure financing by international financial institutions

Posing a challenge to the rapid expansion plans of international financial institutions like AIIB, people’s movements, civil society organisations and their allies are holding a Peoples’ Convention in Mumbai just days before the 3rd Annual Meeting of AIIB. This was announced by the Working Group on International Finance Institutions (WGonIFIs) in a press conference in Chennai today. WGonIFIs is a platform of a large number of people’s movements and CSOs fighting against negative impacts of large infrastructure projects, financed by international capital, like bullet trains, energy projects, large commercial ports and transport projects.

“Looking at the history of IFI investments in India, like that of the World Bank, where a large number of people has been severely impacted due to rapid expansion of mega infrastructure projects, we are concerned that a new infrastructure investment bank like AIIB without even the basic social environmental safeguards will take away people’s rights over natural resources, deprive them of their livelihood and impact the climate, causing irreversible damages”, energy and climate change expect Soumya Dutta said.

In the Chinese led bank AIIB, India holds the second largest shares, next to China and is a favourable destination of their investments securing 25% of the already approved lending. Within a short span of 3 years, India received loans worth $1.2 bn, out of a total $4.4 bn. The approved projects for India include transmission lines in Tamilnadu, rural roads in Madhya Pradesh and Gujarat, 24 X7 electricity for Andhra Pradesh, financial intermediary India Infrastructure Fund. The highly controversial Amravati capital city project is under the consideration of AIIB Board. Another $3 bn worth projects are in the pipeline for India.

Senior activist Jesuratnam from the Coastal Action Network, Tamilnadu said that “Infrastructure banks like AIIB is likely to investment in projects like Sagarmala which has three coastal economic zones in Tamilnadu comprising of ports, roads and associated infrastructure which will disrupt fishing operations and livelihood of fisherpeople. Large-scale infrastructure will not only displace and destruct the livelihoods but lead to disruption of coastal ecology and public indebtness”.

People’s organisations, CSOs and concerned citizens, under the aegis of WGonIFIs will be holding a Peoples’ Convention in Mumbai from June 21-23, just days before the official annual meeting which will be held in the same city from June 25-26. The Convention will bring together people fighting against large infrastructure projects, and people negatively impacted by the international financial institutions financed ‘development projects’ in the country.

Some of them include, National Alliance of People’s Movements, Bhumi Adhikaar Andolan, National Fishworkers’ Forum, Natioanl Hawkers Federation, Narmada Bachao Andolan, North East Peoples’ Alliance, Guajrat Khedut Samaj and All India Union of Forest Working People.

“The program will bring voices from across the country who are affected by large infrastructure projects and will devise strategies to make financiers accountable to the people’, co-ordinator of the People’s Convention Maju Varghese said.

The People’s Convention will witness coming together of over 250 groups, deliberations in around 20 parallel workshops on the impacts of international lending, cultural expressions of protests and mass action.

For more information on the Peoples Convention visit http://www.wgonifis.net

Contact: Maju Varghese: wgonifis@gmail.com | 8826249887

‘Innovative Financing’ of Bangalore Metro

Does metro help in decongesting traffic? How was Bangalore Metro financed? Leo Saldanha of Environment Support Group, Bangalore, shares the history of Bangalore Metro and explains how it was ‘innovatively financed’.

Financial Analysis of the Blue Economy: Sagarmala’s Case in Point

Financial Analysis of the Blue Economy: Sagarmala’s Case in Point by Dr Himanshu Damle of Public Finance Public Accountability Collective, New Delhi and could be reached at himanshudamle@pfpac.net The article was originally published here in an abridged form.

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