Bhubaneswar, June 18: A World Bank Group institution will help authorities to execute the Smart City Project in the city.

With Bhubaneswar Smart City Limited (BSCL) partnering with the International Finance Corporation (IFC), beneficiaries of the smart city may hope to get better results in terms of developments.

The corporation is a member of the World Bank Group and the largest global development institution focusing exclusively on private sector in the developing countries.

According to the partnership proposal, the IFC will aid the BSCL in providing advisory relating to green buildings. It will extend the expertise in facilitating green building framework, capacity building of entities and planning departments and incorporation of green certification and green construction technologies.

The finance corporation will also help the special purpose vehicle (BSCL) in designing the institutional structure. It will also develop financing plan and extend transaction advisory for specific projects. Sources said the IFC would not invest any money in the project, but only remain an adviser.

"This is a financial advisory programme and no financial outlay from the IFC is envisaged at this stage except some donor and own resources for specific activities. The financial outlay for the specific public-private partnership projects will be estimated around Rs 2,000 crore for which the IFC will provide the plan," said a BSCL official.

Among other activities, the IFC will assist the BSCL in developing the housing redevelopment project at Janpath, which will be integrated with green building norms. It will further manage the contract for multi utilities operator such as water, sewerage, drainage, power and roads. The corporation will also help draw a plan for 24x7 water supply in the city, including climate change projects addressing urban transportation.

Sources said the IFC would also market the opportunities to investors and conduct road shows to draw widespread participation in the project. It will prepare the transaction documents, manage data rooms and assist in conducting the bidding of the projects in a transparent manner.

Recently, the Canadian Institute of Planners has also chosen the Bhubaneswar Smart City Proposal as the best entry under the category "International Development". Municipal commissioner Krishan Kumar said this recognition would provide more strength in reaching the goals and transforming the concept to the grass-roots level.

The proposal was unique for its inclusiveness with inputs from children, women, social service organisations, elderly, physically challenged and transgender. It has also used the social media tools to its maximum capacity for gaining the people's verdict in choosing the priority areas and also selecting the smart city district and pan-city solutions.

Notably, Bhubaneswar Smart City Limited had already inked pacts with Singapore-based Urban Redevelopment Authority and Centre for Liveable Cities for effective implementation of the project in the city.

They have also roped in Netherlands-based Bernard van Leer Foundation to establish one dedicated child and family-friendly smart city centre in Bhubaneswar. After these two foreign aids, Germany had been roped in during April to extend support to the project here.