AP: New Development Bank to fund infrastructure project worth Rs 6,000 crore

Amaravati: A delegation from New Development Bank called on Chief Minister YS Jagan Mohan Reddy at his residence at Tadepalli in Guntur district on Thursday. The delegation discussed over the sanctioning of the amount to the proposed Rs 6,000 crore worth social infrastructure project in the state, according to the information given by the CM office.

As the issue is going to be approved by the Board of the Bank soon, the delegation discussed the issue with the CM.

The amount to be sanctioned will be utilized for improving the roads and social infrastructure in rural areas. Out of the total Rs 6,000 crore, the bank will sanction 70 per cent of the funds and the state government will share the remaining 30 per cent and will have to clear the loan in 32 years.

On this occasion, the Chief Minister appealed the bank representatives to sanction more loans for taking up the prestigious projects in the state in the near future. He asked the loans intended to development of infrastructure for schools, hospitals, clean drinking water and roads. The state government put front the proposal seeking Rs 25,000 crore from the bank.

This bank was established in 2015 by BRICS countries, which include Brazil, Russia, India, China and South Africa.

Out of all the Rs 75,000 crore loans lent by the bank so far, Rs 25,000 crore sanctioned in India alone.

The New Development Bank Vice President Ningqian Zhang, Vice President led the delegation.