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AP govt. issues orders over utilisation of world bank funds for Amaravati development
Amaravati, the capital of Andhra Pradesh, is set to receive significant financial backing for its sustainable development, as the government has announced orders to utilize funds
Amaravati, the capital of Andhra Pradesh, is set to receive significant financial backing for its sustainable development, as the government has announced orders to utilize funds provided by the World Bank and the Asian Development Bank (ADB). The two financial institutions will jointly offer loan assistance amounting to Rs. 15,000 crores to propel the city's infrastructure and construction projects.
The government's directive emphasizes that these funds are earmarked for establishing high standards in infrastructure, promoting green construction practices, and creating job opportunities in Amaravati. The Capital Region Development Authority (CRDA) has been tasked with executing the development plans to transform Amaravati into a thriving public capital. The government has specified that projects related to essential facilities, including main roads, drainage systems, canals, water reservoirs, and safe drinking water, should be designed with flood water flow management in mind.
In a recent development, the Department of Affairs officially approved the proposals submitted by the AP CRDA for Amaravati's sustainable development. Both the World Bank and ADB have committed to providing financial assistance, each contributing 800 million dollars towards the initiative. The remaining funds will be sourced from the state government, aided by the central government.
To streamline the funding process, the government has decided to establish a dedicated account to receive these loans in phases, aligned with the development and construction plans of Amaravati. Additionally, a special allocation for the construction of the capital will be included in the state budget to support various activities.
AP CRDA has been empowered to implement these development and construction initiatives under the Commissioner’s oversight. The orders for this significant undertaking were issued by Special Chief Secretary of Municipal Administration, G. Anant Ram. Following this, CRDA Commissioner Katmaneni Bhaskar is scheduled to sign the loan assistance agreement with the World Bank and ADB in Delhi tomorrow, marking a crucial step forward in Amaravati's development journey.
