World Bank drops $300 million Amaravati project

20 Juillet, 2019, 07:50 | Auteur: Auguste Feret
  • World Bank drops $300-million loan proposal to develop Amaravati after Centre withdraws request

The sudden decision of the World Bank to drop the proposal to lend United States $ 300 million (approximately Rs 2100 crore) for the infrastructure development in Amaravati, the capital city of Andhra Pradesh has surprised many.

The YSR Congress Party had alleged irregularities in land acquisition during its time in the Opposition.

He said former chief minister N. Chandrababu Naidu had been misleading the committee that was set up to look into the fraudulent PPAs because he was afraid of the review of the PPAs. It was considering extending a loan of $300 million to the Andhra government to build the capital city on the banks of river Krishna. They said that development of Amaravati will affect their livelihood and impact the environment.

He said that in the last three years, the state government had paid at least more than Rs 5,000 crore in excess to renewable power generators which was a loss to the exchequer.

Though it is a fact that the new government headed by YSR Congress party president Y S Jagan Mohan Reddy has not been evincing much interest in Amaravati project works, there was never any indication that the World Bank would withdraw its loan proposal. We may have to cancel some tenders and call for new ones in a transparent manner.

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The Andhra government can also reapply for loan from WB after addressing the concerns raised in the inspection report.

"The World Bank's Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government's decision", he said, without elaborating why the Centre had taken the decision.

Dr P Lakshmi Narasimham, the commissioner of the Andhra Pradesh Capital Region Development Authority, the state body overseeing construction of the city, declined to comment on the implications of the funding withdrawal. The Chief Minister also believes that it will give Chandrababu unnecessary mileage and so there are rumours that he is contemplating a change in the Capital. The TDP regime had procured 34,000 acres of fertile land from farmers under a land-pooling scheme.

Under Naidu's ambitious plans the capital city is to come up in areas of 217 sq km.

Prime Minister Narendra Modi laid the foundation stone for the project in 2015, but he and Naidu fell out after Naidu's party broke from Modi's ruling coalition past year. On the private investment side, top educational institutions like Vellore Institute of Technology, SRM University, NID, Amity, Amrita University, Centurion University, Central Institute of Tool Design, and NIFT have started construction, or have already started functioning from their new premises.


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