So far eight cities have raised funds through bonds and another six have submitted their proposals, he said.
"The US treasury department has agreed to assist six cities, including Kakinada, Rajkot, Atalnagar, Faridabad, Ujjain and Gwalior to sell municipal bonds," he said.
A credit analysis of 469 cities showed that 163 of them have investment grade rating of BBB- while 36 have AA- rating of which eight have already sold bonds. These numbers are an eye opener and shows the lethargic attitude of our cities when it comes to fund raising, Mishra said.
He also noted that apart from the 100 notified smart cities, there are a few cities which are taking initiatives to become smart cities.
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