Urban development minister M Venkaiah Naidu today said his ministry has urged smart cities to establish their Special Purpose Vehicles (SPVs) immediately. Replying to questions in the Lok Sabha, Mr Naidu said twenty cities have been selected for development as smart cities in first phase. Mr Naidu said, the SPVs are responsible for project preparation, implementation and completion. He said at present, the project preparation by SPVs of smart cities is at an initial stage. <br/><br/>The minister informed the House that a proposal of loan assistance of 500 million US dollar each from World Bank and Asian Development Bank has been approved by finance ministry and the loan is likely to be released in the next financial year. He said, apart from availing loans from World Bank and ADB, ministry is trying to augment internal and external sources of revenue of the smart cities.