IFC to advise INCAP on coastal road project

Hyderabad: IFC, a member of the World Bank Group, will advise the Infrastructure Corporation of Andhra Pradesh (INCAP), on a coastal roads project in the State.

The Vizag-Kakinada project, located on the east coast, is one of the first to be undertaken by IFC since it was appointed as adviser to INCAP last year.

It will help develop public-private partnerships for the project.

The project is expected to include about 100 km of radial roads that connect a 150-km coastal road to National Highway 5.

IFC will undertake a due diligence review, help design the financial model, and hold consultations with potential bidders.

It will also recommend an approach for private sector involvement, including allocating risks and responsibilities between the private and public sectors.

As part of its outreach efforts in India, IFC has signed a memorandum of understanding with the INCAP to help develop infrastructure projects through public-private partnerships.

In addition, the Indian government has enlisted IFC as transaction advisor for public-private partnerships in the country.

Mr Sanjay Jaju, Vice-Chairman and Managing Director of INCAP, said “an efficient transportation system is the lifeline of an economy, and this important project will boost the state’s economic development.”

Mr Vipul Bhagat, who leads IFC’s Infrastructure Advisory in South Asia, said, “We have extensive experience in advising governments on public-private partnerships in key infrastructure sectors, especially road transportation, airports, and ports”.