<h1>International financier commits up to USD 60M via rupee non-convertible debentures to municipal sewerage project without sovereign guarantee</h1> An international financial institution committed up to USD 60 million through rupee-denominated non-convertible debentures to a municipal corporation to finance a sewerage project, formalized by a signed agreement. The transaction is notable as the first direct municipal financing by such an institution in the country without a sovereign guarantee, signaling enhanced municipal creditworthiness and a precedent for mobilising private capital for urban infrastructure. The project cost is approximately Rs 553 crore, with central government and municipal contributions of about Rs 45.6 crore and Rs 9.4 crore respectively.