AMN / WEB DESK
The dream of a world-class capital for Andhra Pradesh is advancing with a major funding boost. The World Bank and Asian Development Bank have jointly agreed to grant a loan of 13,500 crore rupees for Amaravati development project.
The two-day long negotiations between executives of World Bank, Asian Development Bank, Union Finance Ministry and the Andhra Pradesh Capital Region Development Authority in New Delhi concluded yesterday on a positive note with the World Bank and ADB giving final clearance to grant a loan of ₹13,500 crores for development of green field capital city, Amaravati.
Titled, “the Amaravati Inclusive and Sustainable Capital City Development Program,” the program aims to build a safe and sustainable city with focus on inclusive socioeconomic growth and community development, building resilient service delivery and strengthening governance and financing frameworks. This financial assistance package will give the much needed impetus for development of Amaravati as the capital of Andhra Pradesh.