CRDA has preliminary approvals for 10850 large integer value loans for the Andhra Pradesh Capital Amaravati Project. 7500 crore of this can be funded by HUDCO. The agency additionally united to fund this project at a lower interest. whereas HUDCO typically charges 10.5% interest rate for such loans, Amaravati loan can return up at 9.5%. HUDCO intimated this to CRDA the other day.
On the other side, world bank goes to fund 50 crore U.S. dollars (3350 crore Approx) for this Project. we tend to square measure told that the world Bank has assigned Reference number to the project which will be usually deemed as approved. These loans are free in phases as shortly because the government finalizes the elaborated Project Report (DPR) and starts the construction. various other loaning agencies have additionally evinced interest in funding Amaravati and CRDA is in talks with them.
This comes a short in the arm for the state government which is wanting to complete the first phase of the world class Capital by 2018-19. TDP’s electoral fortunes in 2019 elections will depend on the progress of this project. Already the center had washed its hands off the project saying that it’ll only fund 3500 crore for it.