World Bank Okays $800 M Loan to Develop Amaravati
The multilateral body's financing will also catalyse more than $600 million in private sector investment to help the city become financially sustainable, it said in a statement.
«The $800 million loan requested by the Government of India to develop Amaravati as an economic hub and state capital for Andhra Pradesh, has a final maturity of 29 years, including a grace period of six years,» it said.
The bank will bring global expertise to support the design of city institutions and infrastructure, said Auguste Tano Kouame, the World Bank's country director for India.
«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. At present, about 100,000 people live in the Amaravati area, with the population expected to grow several fold over the next decade.
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