Date: October 23, 2024

Amaravati Gets Rs 11,000 Crore Boost From HUDCO

Amaravati Gets Rs 11,000 Crore Boost from HUDCO

The capital city of Andhra Pradesh, Amaravati, continues to receive significant financial backing to ensure its development as envisioned by both the government and the public. The Housing and Urban Development Corporation (HUDCO) approved a loan of Rs 11,000 crore to accelerate construction activities in the region.

Financial Assistance Secured for Development Help of HUDCO

This substantial financial aid was secured after a meeting between the Minister for Municipal Administration and Urban Development (MAUD), P. Narayana, and HUDCO CMD Sanjay Kulshrestha in New Delhi. Narayana explained the comprehensive plan for Amaravati’s development, highlighting the need for Rs 50,000 crore for various infrastructure projects, including the construction of roads, buildings, and other essential facilities.

Proposal to Connect Amaravati with Vijayawada Metro

The Andhra Pradesh government also proposed a new initiative to further boost Amaravati’s connectivity, by linking it with the Vijayawada Metro. This proposal caught the attention of HUDCO’s Sanjay Kulshrestha, who expressed his approval by agreeing to the Rs 11,000 crore loan. The project’s first phase alone requires Rs 26,000 crore, which this loan will partially cover.

Rs 15,000 Crore Aid from World Bank and ADB

This new loan adds to the previous support Amaravati received from international financial institutions. The World Bank and the Asian Development Bank (ADB) had earlier committed Rs 15,000 crore towards the city’s development. With these funds, along with the central government’s backing, Chief Minister N. Chandrababu Naidu has resumed major construction projects in Amaravati.

Focus on Infrastructure and Employment

The TDP-led coalition government, under the leadership of Chandrababu Naidu, has placed a strong emphasis on developing Amaravati’s infrastructure while also generating employment. The city’s construction projects are a cornerstone of this vision, ensuring both urban development and job creation.

With these substantial loans and funding. Amaravati is set to become a modern capital, fulfilling the expectations of the citizens and authorities alike.