World Bank releases `3,200 cr for Amaravati capital works
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Amaravati: In a boost to capital city development works at Amaravati, the Capital Region Development Authority (CRDA) is set to receive around Rs3,200 crore from the World Bank.
According to official sources, the World Bank has so far released USD 340 million for the Amaravati Capital Phase-I project. Andhra Pradesh is also expected to receive another USD 150 million by the end of April.
The loan carries an interest rate of 8–8.5 per cent. The World Bank, along with the Asian Development Bank, has committed USD 1.6 billion (USD 800 million each) for Phase-I development. In addition, the Centre is expected to contribute Rs1,400 crore out of its committed Rs15,000 crore support package.
The loan includes a six-year grace period and a total maturity of 29 years, with repayment scheduled to begin on June 15, 2031. In the initial phase, the focus has been on strengthening institutions and building capacity to develop Amaravati as an inclusive urban centre, a growth hub for the state, and a job creator.
CRDA has already secured Rs11,000 crore from HUDCO and another Rs15,000 crore from NABARD and other financial institutions for the development of Amaravati as a world-class capital.
Union Finance Minister Nirmala Sitharaman had earlier announced Rs15,000 crore in support for Amaravati development.
