Amongst a number of initiatives in the urban sector, the government of Rajasthan looked at 5 high growth towns with a programmatic approach. Pali, Bhilwara, Behror (Alwar), Kotputli (Jaipur), and Sri Ganganagar were identified and infrastructure financing through market based lending was initiated. To blend grant funding, budgetary support and other sources these towns explored raising debt through pooled-finance instruments for priority urban infrastructure works.

This initiative is distinguished from earlier debt-based project financing due to the high growth potential of the selected towns, their geographical location along the Mumbai National Highway, and the proposed Delhi-Mumbai Industrial Corridor. These towns have pooled their debt requirements and collectively raised debt to fund their projects, thus offering a balanced risk profile over individual projects. They have sought to leverage land-based financing instruments to support their debt repayment obligations.

During this process, Jana USP played an advisory role to RUIFDCO (Rajasthan Urban Infrastructure Finance & Development Corporation). Jana USP worked on a pro- bono basis to bridge the knowledge gap and facilitated links between market players and urban infrastructure agencies.

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