A delegation of New Development Bank (NDB) called on Chief Minister YS Jagan Mohan Reddy at his camp office in Tadepalli near here on Thursday and informed that loan to the tune of Rs 6,000 crore to Andhra Pradesh will be cleared after the board meeting. The delegation was led by NDB vice-president N Zhang and Project Head Rajpurkar.
The amount will be utilised for road development and other infrastructure projects in rural areas. Out of the total Rs 6,000 crore, 30 per cent has to be borne by the State government and the loan has to be repaid in 32 years.
On the occasion, the Chief Minister has sought an additional `25,000 crore as loan from the NDB to enable the State to complete its prestigious projects including infrastructure development, building of schools, hospitals and supply of clean drinking water. The New Development Bank was set up in 2015 by BRICS (Brazil, Russia, India, China and South Africa) nations. The Shanghai-based eBank has lent over Rs 75,000 crore to various projects till date all over the world and Rs 25,000 crore in India alone.