World Bank to Lend 5000 Crores for Amaravati construction.

Posted by Avenue.in on March 4, 2016
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world bank loan amaravati construction andhra pradesh capital city

World Bank Loan for Amaravati Construction

Amaravati: Andhra Pradesh Govt. officials opine that world bank is willing to fund for construction of its new capital city – Amaravati. World Bank would fund up to 5000 crores. State government had submitted proposals worth of 5000 Cr. for central aid in 2016 budget. As Andhra Pradesh is disappointed with central allocation in the current budget, its looking for alternatives. It has approached NABARD for loan of 5000 Cr., but the tenure of the loan will be short. As State is in financial crisis it requires more time for repayment. As World Bank’s Loan tenure is long i.e 30 to 40 years. Officials has approached world bank for construction of Amaravati. The proposal from Andhra Pradesh state got a positive nod. World bank is keen on lending and it’s team had visited Amaravati 3 days ago.

Naidu to Bolster Amaravati brand image

Chandra Babu Naidu’s past experience with world bank has expedited the process. Chandrababu Naidu, the state’s chief minister, was the West’s favourite Indian. Tony Blair and Bill Clinton both visited him in Hyderabad, the state capital. Time magazine named him South Asian of the Year; the governor of Illinois created a Naidu Day in his honour, and the British government and the World Bank flooded his state with money. They loved him because he did what he was told.

One year after the bifurcation of the state, Andhra Pradesh seems to have made an impact through its investor-friendly initiatives. The World Bank report on Ease of Doing Business has ranked AP 2nd, below Gujarat. This has become possible because of Naidu’s vision and continuous push to transform Andhra Pradesh into the best investment destination through visits to countries like Singapore, Japan, China and Davos as well as regular business meetings with industrialists and investors.

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