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World Bank, ADB commit $1.6 bn for Andhra capital Amaravati from Jan 2025

Business Standard LogoBusiness Standard8h ago

World Bank, ADB commit $1.6 bn for Andhra capital Amaravati from Jan 2025 - Business Standard

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The World Bank along with the Asian Development Bank in principle has committed to fund USD 1600 million (Rs 13,600 crore) for Amaravati capital city phase-I development and will start releasing the amount from January next year, a senior official of the Andhra Pradesh government has said.

Of the total cost of Rs 15,000 crore for the phase-I development, the Central government will be funding the remaining Rs 1,400 crore, the official said, adding the total amount from the World Bank should be drawn within five years.

The International Bank for Reconstruction and Development (IBRD), part of the World Bank, which provides loans and guarantees, among others and ADB will be funding USD 800 million (Rs 6,800 crore) each for the project.

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Category: BusinessFinance

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News Sentiment: Neutral

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Article Type: News Report

Published On: 2024-10-18 @ 14:17:39 (8 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 565 words

Reading Time: 4 minutes read

Sentences: 20 lines

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Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23117288

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