Amaravati: The World Bank's Board of Executive Directors has approved USD 800 million Amaravati Integrated Urban Development Program for building Andhra Pradesh's greenfield capital city Amaravati, the international development said on Friday.
The Bretton Woods institution's Board of Executive Directors met in Washington, USA on Thursday and approved the loan.
"The World Bank's Board of Executive Directors yesterday approved the USD 800 million Amaravati Integrated Urban Development Program aimed at establishing the city as a well-managed, climate-resilient growth center in Andhra Pradesh that generates jobs and improves the lives of its current and future residents, especially the most vulnerable," a World Bank press release said.
According to the World Bank, the Government of India requested the USD 800 mn loan to develop Amaravati as an economic hub and the state capital of Andhra Pradesh.
The loan has a final maturity period of 29 years, including a grace period of six years, said the World Bank, adding the government has decided to avail the financing in Japanese Yen.
Auguste Tano Kouame, World Bank's Country Director for India, said the multilateral institution will bring global expertise to support the design of city institutions and infrastructure that can create economic opportunities for residents, including women, youth, and vulnerable groups.
"With its urban population expected to double to 950 million by 2050, India aims to build sustainable and liveable cities as growth hubs, and Amaravati offers an exciting opportunity to model this urban transformation," Kouame said.
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