Housing and Urban Development Corporation Ltd (HUDCO), a prominent central public sector enterprise, has announced a loan of Rs 11,000 crore for the development of the Amaravati greenfield capital city in Andhra Pradesh. The state government made this announcement on Monday, highlighting the commitment to the ambitious project.
Municipal Minister P. Narayana, during his visit to Delhi, met with HUDCO CEO Sanjay Kulshrestha to discuss the government’s plans for the development of Amaravati. Following this meeting, HUDCO expressed satisfaction with the proposals presented by the state government, leading to the agreement to provide the substantial loan to the Andhra Pradesh Capital Region Development Authority (AP CRDA).
The total funding required for constructing Phase-1 of Amaravati is estimated at Rs 26,000 crore. With the World Bank and Asian Development Bank (ADB) already committing Rs 15,000 crore, the new loan from HUDCO ensures that the entire necessary amount of Rs 26,000 crore is secured for the project’s progress.
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