Global banks back Amaravati vision, to give Rs 15k crore in loans

VIJAYAWADA: In a development to expedite capital city Amaravati works, top executives from the World Bank and Asian Development Bank convened with chief minister N Chandrababu Naidu on Tuesday.

The global financial institutions are said to have conveyed their readiness to provide 15,000 crore in loans to Andhra Pradesh for undertaking various projects in the capital city.

The chief minister articulated his vision for the avant-garde city Amaravati and solicited the World Bank and ADB to collaborate with the state government. He elucidated the myriad novel and innovative projects envisaged for Amaravati, emphasising that the new capital is a self-financing project and would be developed as one of the pre-eminent capital cities globally.

He asserted that it will emerge as the premier choice for investors in the country in the forthcoming years. "Amaravati is a futuristic city. It will be developed with a plethora of unique and unparalleled facilities and infrastructure. Amaravati will swiftly become a global attraction," Naidu told the delegation.

He urged the World Bank and ADB to expedite the proposed loan proposals, which would enable the govt to commence works promptly.

He stated that they have made all necessary preparations to initiate works in distinct phases. "We have formulated the master plan for the capital city, incorporating several first-of-its-kind infrastructure. We are poised to roll out the projects as soon as the WB and ADB release their committed lending," the chief minister said.

Two separate delegations from the World Bank and ADB will scrutinise the proposals submitted by the state govt. The teams will continue their visits to the capital city villages till August 27 before submitting their reports to their respective bank managements.


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