Officials gear up to mobilise Rs 7,300 crore for Dream City  

Officials of the Capital Regional Development Authority are gearing to mobilise Rs 7,300 crore via various means.
Representational Image.
Representational Image.
Updated on
1 min read

VIJAYAWADA: After estimating that funds worth `30,000 crore would be needed for development of infrastructure and taking up other works in Amaravati in the next three years, officials of the Capital Regional Development Authority (CRDA) are gearing to mobilise `7,300 crore via various means.During a review meeting by Chief Minister N Chandrababu Naidu, on the progress of development works being taken up by the CRDA, at the Interim Government Complex in Velagapudi on Wednesday, officials of the CRDA informed the CM after evaluating the funds coming from various sources that they are still facing a deficit to the tune of `7,300 crore and are planning to mobilise the amount.

Giving details of sources of funds, officials of the CRDA said that funds to the tune of `22,700 crore will be mobilised by them including `7,500 crore loan from HUDCO, `3,200 crore from various companies, `2,500 crore from the Centre’s grant, `100 crore from smart city funds, `400 crore from land allocated to VIT, SRM and other institutions in Amaravati and `3,800 crore from budgetary allocation by state government.

However, the CRDA has to mobilise the remaining `7,300 crore and officials informed the Chief Minister that they are going to get the funds from seven different routes.The officials also estimated that `1,500 crore of budget allocations is required from the state government to the CRDA for a period of 11 years. The Chief Minister directed the officials to approach financial institutions for long-term loans.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com