AP fast tracks Rs. 65,000-cr Capital City Project

    Amaravati Capital City Project
    In its quest to build world-class capital city Amaravati, the state finance department has given its nod for an investment of Rs. 64,958-cr on creating the required capital infrastructure in three phases. In the first phase, it has proposed to spend Rs. 4,749-cr on infrastructure in Amaravati for which the government will borrow Rs. 3,324-cr from the World Bank. The Amaravati Infrastructure Development Project has already received the clearance of AP government and the World Bank. Now a formal approval from the Centre is required to raise the money for the creation of water and sewerage infrastructure, telecommunications, solid waste management, and fire hydrant network. Another project named as 'development of inner ring road - phase 1' has been presented to the Asian Infrastructure and Investment Bank (AIIB). The project was approved by the AIIB whereby, an inner ring road will be developed at an estimated cost of Rs. 3,930-cr of which the AIIB will fund Rs. 2,751cr. All clearances have been obtained from the Centre for this project as the transport infrastructure, electricity, gas supply, and flood management will be funded by the Housing and Urban Development Corporation (Hudco) at an investment of Rs. 7,500-cr of which the Hudco will bear Rs. 6,750-cr investment, said official sources.
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