VIJAYAWADA: The Asian Development Bank (ADB) has approved a results-based loan of 788.8 million dollar (about Rs 6,620 crore) to Andhra Pradesh to develop Amaravati as a green and smart capital city that offers world-class infrastructure. The loan will be provided in Japanese yen with a total value of ¥121.97 billion, the Manila-based bank said in a statement released on Thursday.
The Amaravati Inclusive and Sustainable Capital City Development Program is designed to transform Amaravati into a growth hub for the region, enhancing economic prospects, providing job opportunities, and improving living conditions of the residents.
Public investments will focus on key infrastructure development, including trunk infrastructure, government complex, and neighbourhood infrastructure benefiting farmers who are the stakeholders under the land pooling schemes.
The programme will be supported in collaboration with other multilateral development banks (MDBs) to ensure timely and high-quality delivery of infrastructure and services.
“ADB and other MDBs will bring global expertise and technical support to the Government of Andhra Pradesh, laying the groundwork for a dynamic, sustainable, and vibrant capital city. Our collaboration will span climate-resilient urban planning, establishing governance and institutional frameworks, and social inclusion,” said ADB Country Director for India Mio Oka.
“We believe that Amaravati will become a replicable model for not only developing greenfield cities, but also for systematic and orderly transformation of peri-urban areas of existing cities throughout the country,” the statement read.