World Bank approves USD 800 mn loan for Amaravati construction

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 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. 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.