Guntur: Toensure rapid progress of the development works of the State capital Amaravati, the National Bank for Financing Infrastructure and Development (NaBFID) has sanctioned a loan of Rs 7,500 crore to the Andhra Pradesh Capital Region Development Authority (APCRDA). This financial support will accelerate major construction and infrastructure projects in the capital city.

Documents related to the loan sanction were formally handed over during a programme held in Amaravati on Friday. The documents were presented by deputy managing director of NaBFID Samuel Joseph and K Dinesh, vice-president, Loans & Project Finance Department, NaBFID to APCRDA commissioner K Kanna Babu.

The bank officials handed over the MoU documents in the presence of Chief Minister N Chandrababu Naidu, Minister for Municipal Administration, Dr P Narayana. The financial assistance extended for Amaravati’s construction is expected to significantly speed up the development of the capital city. The support from NaBFID is considered crucial in transforming the state capital Amaravati into a world-class city with state-of-the-art infrastructure.