This is the first phase of funding from the Centre which has committed Rs 200 crore for the Union Territory.
This fund will be utilised for the construction of the Marie Building (which collapsed a few years ago), extending the beach restoration programme, rejuvenation of Grand Canal and development of the Swadheshi Mill Complex.
Under the beach restoration programme, an artificial reef will be created on the southern side. The National Institute of Ocean Technology (NIOT) had started work on providing artificial reef on the northern side of the beach.
Puducherry was selected in the third round of Smart City challenge announced by the Centre. solutions.
Also, the French Government had inked a pact with the Union Finance Ministry to provide financial assistance to the Puducherry Government.
As per the agreement, the AFD (France Development Agency) would provide Rs 1,400 crore loan t0 Puducherry.
Out of this, it is going to release Rs 535 crore soon.
The Puducherry government had formed a special purpose vehicle named “Puducherry Smart City Development Ltd.” to implement the project.