VIJAYAWADA: Amaravati’s long-stalled construction projects are set for a revival with a substantial Rs 15,000 crore loan from the World Bank and Asian Development Bank (ADB).
The Andhra Pradesh Capital Region Development Authority (APCRDA) Commissioner, Katamaneni Bhaskar, announced the finalisation of the tripartite agreements following a meeting at the World Bank office in New Delhi on Monday. Officials from the Union Finance Department, CRDA, and Amaravati Development Corporation (ADC), along with representatives from the World Bank and ADB, completed the loan terms to advance Amaravati’s urban development.
This agreement will soon be reviewed by the CRDA authority for formal approval. Following authorisation, the Commissioner will sign the deal on behalf of the government, submitting it to both financial institutions. The ADB board will meet on December 11, followed by the World Bank on December 17. CRDA chief Bhaskar and ADC Chairperson Lakshmi Pardhasarathi attended the meeting, which concluded with a commitment to Amaravati’s growth as a vibrant capital. Bhaskar disclosed that the loan includes a five-year moratorium on repayment for Rs 13,500 crore, with the Centre covering the remaining amount. A flexible 23-year repayment plan will follow the moratorium, with biannual installments.
The CRDA has issued tenders for land procurement strategies for the Inner Ring Road, aiming to mitigate legal challenges. Additionally, a tender for a continuous online river water quality monitoring station in Amaravati has been announced as part of the project. He assured that all tenders will be released by Sankranti.