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NRIPage | Articles | Amaravati Receives Major Financial Boost with Rs 11,000 Crore Loan from HUDCO | Get Internet & Technology Guidance. Stay Updated on Internet Trends & Tech Innovations - NRI Page
Amaravati, the burgeoning capital city of Andhra Pradesh, is set to see significant development with the recent approval of a Rs 11,000 crore loan from the Housing and Urban Development Corporation (HUDCO). This financial assistance marks a crucial step toward realizing the city’s planned infrastructure as envisioned by both the public and government authorities.
The loan was sanctioned after a meeting in New Delhi between Municipal Administration and Urban Development (MAUD) Minister P. Narayana and HUDCO CMD Sanjay Kulshrestha. During their discussion, Narayana outlined a comprehensive plan for construction, highlighting that the total estimated cost for building infrastructure—including roads, buildings, and utilities—will be around Rs 50,000 crore. The AP government has also proposed connecting Amaravati with the Vijayawada Metro, which contributed to securing the loan.
Of the total loan amount, Rs 26,000 crore is earmarked for the first phase of development works. This funding, combined with additional financial support from the Central government and various international agencies, underscores the commitment to transforming Amaravati into a well-equipped capital city.
In tandem with the HUDCO loan, the World Bank and Asian Development Bank (ADB) have agreed to provide an additional Rs 15,000 crore. Chief Minister N. Chandrababu Naidu has revitalized construction efforts in Amaravati, emphasizing the government's focus on both capital development and job creation.
With these funds in place, the TDP coalition government is poised to advance its ambitious plans for Amaravati, setting the stage for substantial growth and improved infrastructure in the region.
