VIJAYAWADA: The Asian Infrastructure Investment Bank (AIIB) has expressed its willingness to give a loan of $3 billion to the Andhra Pradesh government for taking up development projects. This was revealed at a meeting of the AIIB representatives with Chief Minister YS Jagan Mohan Reddy here on Thursday.
The loan will be utilised for construction of ports, airports, roads, water grid and irrigation projects. The Chief Minister explained to the AIIB representatives about the welfare programmes being taken up by his government as enunciated in ‘Navaratnas’.
The bank officials praised the initiatives of the government like Nadu-Nedu for the development of government schools and hospitals.
The AIIB representatives said that they were glad to hear about welfare programmes for the people instead of going for privatisation. They said that the proposal of the present loan will be in addition to the loan already given to the State.
Bank Vice-President and Chief Investment Officer DJ Pandian, Director General (Investment Operations) UN Pang and Principal Social Development Specialist Somnath Basu from the AIIB met the Chief Minister. The AIIB is already investing on various development projects in the State.
The Chief Minister explained to the visiting dignitaries that Andhra Pradesh is based on agriculture and 62 per cent of people are dependent on it for their livelihood. Hence, priority is being accorded to irrigation projects, he added.
Jagan told them that the government intends to construct ports at Bhavanapadu in Srikakulam, at Machilipatnam in Krishna and at Ramayapatnam in Prakasam district for development.
The bank officials said that they were ready to finance the construction of one port and expressed willingness to provide loan for the construction of roads, water grid, airports and irrigation projects.
‘Ap has potential to take Rs 2.11L cr credit’
The National Bank for Agriculture and Rural Development has released a focus paper stating that AP has the potential to take a total of Rs 2,11,865.38 crore as the credit for the primary sector in the State. NABARD has mentioned that AP has the potential to take Rs 1,34,402.52 crore as the farm loan in the focus paper of the State