Hudco, World Bank and Andhra Bank in
together have 'in-principle' sanctioned an amount of around INR 17,500 Crores
for building the world class capital city Amaravati. The state government has
proposed to spend INR 32,500 Crores in the next four years to build Amaravati
city. Andhra Pradesh Chief Minister Chandrababu has also directed officials to vanguard
for international funding agencies that extend loans at cheaper rates of
interest. The state government has to spend INR 32,500 Crores in the next coming
four years for creation of infrastructure in capital city.
Corporate companies such as Microsoft,
Google, IBM, Apple, GE, Tesla, etc which are in the front-end for innovative
technologies and also associated with Amaravati construction for economic
development and employment generation. The government plans to pool-up required
capital and it is necessary to zero in on financial institutions for funding, sources
said. Besides the state government is also scout alternative funding sources
like sovereign funds and pension funds to achieve low-cost funding for capital
construction. A loan of INR 7,500 Crores had been tied up with Hudco and the
World Bank loan for INR 4,700 Crores had also been approved by the central
government. As per estimates the government has proposed to spend INR 4,967 Crores
on roads, INR 750 Crores on drinking water sewerage facilities and INR 3,287 Crores
will be spent on the power sector. Another additional amounts of INR 1,000 Crores
was required for flood management and INR 250 Crores for greenery, INR 519 Crores
was required to provide infrastructure in the villages of the capital city.
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