HUDCO to loan Rs 11,000 crore for development of Amaravati: Narayana

Rave News

Municipal Administration Minister P. Narayana, who met HUDCO CMD Sanjay Kulsshreshta in New Delhi on Monday, said in a press release that the Housing and Urban Development Corporation Limited (HUDCO) has agreed to provide a loan of Rs 11,000 crore for the development of Amaravati.

The minister said that the World Bank and the Asian Development Bank have agreed to provide a loan of Rs 15,000 crore to Amaravati. With this, the state government will be able to deploy Rs 26,000 crore for the construction of the capital.

He claimed that it was because of the NDA government’s confidence in the state that banks and various multilateral financing institutions came forward to support the development of the national capital.

This will help the state government to proceed with the construction of Amaravati as per the timeline set by Chief Minister N. Chandrababu Naidu a few days ago. Mr. Narayana said that the construction of critical infrastructure in Amaravati is expected to cost Rs 50,000 crore, of which the first phase will cost Rs 26,000 crore.

Special Chief Secretary Anil Kumar Singhal, HUDCO Vijayawada Zonal Manager BSN Murthy and other officials were present in the deliberations with HUDCO CMD.

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