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WATER AND SANITATION POOLED FUND
BACKGROUND
Water and Sanitation Pooled Fund (WSPF) is a Trust established by Government of Tamil Nadu in the year 2002 to mobilize resources from the capital market on pooled finance framework and to finance urban infrastructure projects implemented by Urban Local Bodies. This is the first entity in the country to mobilize resources on the pooled finance framework. WSPF is a public charitable trust registered under the provisions of Section 12AB of the Income Tax Act, 1961.
OBJECTIVES OF WSPF
- Mobilize resources for urban infrastructure projects under pooled finance framework,
- Provide financial assistance for implementation of urban infrastructure Projects,
- Enable urban local bodies to access debt finance from the Capital market and
- Act as Nodal Agency on behalf of Central and / or State Government for water, sanitation and / or any other infrastructure projects.
MANAGEMENT OF WSPF
WSPF is managed by Board of Trustees and the Board of Trustees comprises of officials of Government of Tamil Nadu as detailed below:
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Additional Chief Secretary to the Government,
MA & WS Department Department
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Chairman
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Additional Chief Secretary to the Government,
Planning & Development Department
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Trustee
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Principal Secretary to the Government,
Housing & Urban Development Department
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Trustee
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Additional Secretary to the Government,
Finance Department
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Trustee
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Chairman & Managing Director, TNUIFSL
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Member - Secretary
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The Board of Trustees of the Fund prescribes policies and procedures for the operation of the Trust. Tamil Nadu Urban Infrastructure Financial Services Limited (TNUIFSL) acts as Fund Manager of WSPF.
RESOURCE MOBILIZATION
A sum of Rs.807.40 crores has been mobilized through issue of bonds and other borrowings, of which a sum of Rs.326.63 crores has been repaid and the balance as on 31.03.2021 is Rs.444.77 crores. The details are furnished below:-
Source |
Amount mobilized |
Repayments made |
Balance as on 31.03.2022 |
Balance as on 31.03.2021 |
Bond issues under Pooled Finance framework |
302.30 |
222.30 |
80.00 |
110.60 |
Loan availed from Tamil Nadu Urban Development Fund for National River Conversion Project (NRCP) |
93.99 |
92.25 |
1.74 |
2.29 |
Subordinated Loan under KfW assisted SMIF-TN program through Government of Tamil Nadu |
111.11 |
0 |
111.11 |
111.11 |
Loan availed from HUDCO |
335.08 |
95.91 |
239.17 |
220.77 |
Total |
842.48 |
410.46 |
432.02 |
444.77 |
The details are furnished below:
Bond issues
A sum of Rs.302.30 crores have been mobilized thru 6 bond issues under pooled bond framework. The amount mobilized from the issue of bonds have been disbursed as loan to Urban Local Bodies (ULB) for implementation of various infrastructure projects. All the bond service payments have been honored on the respective due date(s) during the financial year 2021-22.
National River Conservation Project (NRCP)
The Government has nominated the WSPF as the nodal agency for arranging funds (towards State Government’s Contribution) for implementation of the Under-Ground Sewerage Projects under National River Conservation Projects (NRCP) in the year 2003. Accordingly, a sum of Rs. 93.99 crores has been borrowed by WSPF from Tamil Nadu Urban Development Fund towards State Government’s share of contribution under NRCP and the same has been provided for implementation of the schemes. The debt service of loans borrowed by WSPF is provided by Government of Tamil Nadu through budgetary allocation , every year. All the debt service payments have been honored on the respective due date(s) during the financial year 2021-22.
Subordinated Loan
A sum of Rs.111.11 crores has been availed as on 31.03.2021 under KfW assisted SMIF-TN program through Government of Tamil Nadu. Of the above, a sum of Rs.103.85 crores has been disbursed as loan to Urban Local Bodies (ULB) for implementation of various infrastructure projects. All the debt service payments have been honored on the respective due date(s) during the financial year 2021-22.
Loan availed from HUDCO
A sum of Rs.335.08 crores (Rs.300.00 crores for Vellore Combined Water Supply Improvement Scheme and Rs.35.08 crores for Aruppukottai Combined Water Supply Scheme) has been availed as loan from HUDCO with Government Guarantee for on-lending the same to ULBs for Water Supply Projects. All the debt service payments have been honored on the respective due date(s) during the financial year 2021-22.
FINANCIAL ASSISTANCE TO ULBs
The net financial assistance provided for implementation of urban infrastructure projects is Rs.433.58 crores (10 Municipal Corporations, 21 Municipalities and CMWSSB) as on 31.03.2022 as against Rs.441.35 crores as on 31.03.2021.
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