Added on : 2019-07-19 11:52:13
The World Bank has “dropped” its plan to extend a loan of $300 million (nearly Rs 2,065 crore) to Andhra Pradesh for the construction of Amaravati, the new capital city of the state.
An indication to this effect was made on the World Bank’s website on Thursday. The website mentioned the present status of “Amaravati Sustainable Infrastructure and Institutional Development Project” as “dropped”.
The reason for the cancellation of the loan proposal is not known yet.
The newly-formed YSR Congress government headed by chief minister YS Jagan Mohan Reddy has pushed the Amaravati capital works down in its list of priorities.
However, a top official of the Andhra Pradesh Capital Region Development Authority (APCRDA), the implementing agency of the capital project, said there was no official communication from the World Bank on the loan cancellation.