AP Capital City Gets a Rude Shock From The World Bank

July 19, 2019 10:11

AP Capital City Gets a Rude Shock From The World Bank:- In a major setback, Amaravati, the new capital city of Andhra Pradesh received a shock from the World Bank which pulled out of the Capital Region Development Project which was signed during the regime of TDP Government. The World Bank which was committed to provide a loan of 300 million USD dropped their proposal. Going by its official website, the status of Amaravati Sustainable Infrastructure and Institutional Development Project is “Dropped”.

With the new decision of the World Bank, the capital construction gets a serious hit and will mount pressure on YSRCP Government. However, the bank made no official confirmation about backing out from the project. Andhra Pradesh Capital Region Development Authority, Commissioner Dr. P. Lakshminarasimham clarified that they haven't received any official statement from the World Bank as of now. The APCRDA had sent in its application in 2016 seeking the loan of 300 million USD. They said that the remaining 200 million USD would come from the Asian Infrastructure Investment Bank (AIIB).

Several complaints have been filed by the farmers who approached the bank. An inspection panel also visited the state in 2017 to investigate the alleged irregularities. With World Bank walking out, there are talks that Asian Infrastructure Investment Bank (AIIB) too would back out.