In a big boost to Andhra Pradesh’s capital Amaravati, the Housing and Urban Development Corporation (HUDCO) has sanctioned a ₹11,000 crore financial assistance. Much-needed this financial support, guaranteed by the central government, is likely to give a big thrust to infrastructure development and urban development in the city.
Within days of taking office, Chief Minister N. Chandrababu Naidu moved ahead proactively, meeting with major leaders in New Delhi to hasten the approval of the loan. After several rounds of negotiations, the Capital Region Development Authority (CRDA) was able to finalize the deal with HUDCO.
On Sunday, HUDCO Chairman and Managing Director Sanjay Kul Krishna came to Amaravati to sign the agreement formally in the presence of CM Chandrababu Naidu and Municipal Administration Minister Narayana.
This funding supplement the ₹15,000 crore already raised from the World Bank and the Asian Development Bank to take the overall investment in developing Amaravati to ₹26,000 crore. With the funds now in place, the Andhra Pradesh government has already initiated the tendering process so that there can be quick development in major construction projects.
This financial strategic impetus is expected to make Amaravati a capital city of the world standard, improving infrastructure and opening new vistas for economic progress.