Andhra Pradesh Secures Massive Loan for Capital Development

Andhra Pradesh Chief Minister N Chandrababu Naidu announced that the World Bank will extend a Rs 15,000 crore loan for constructing Amaravati, with work to commence in December. Moreover, Bharat Petroleum plans a massive refinery investment, while significant infrastructure developments are in progress across the state.

The Chief Minister of Andhra Pradesh, N Chandrababu Naidu, has confirmed a substantial financial boost for the state from the World Bank, amounting to Rs 15,000 crore. This funding is earmarked for initiating the capital Amaravati's construction in December.

During a recent press conference, Naidu expressed gratitude towards Prime Minister Narendra Modi for the Centre's commitment to allocate Rs 12,500 crore for the Polavaram project. Additionally, Bharat Petroleum Corporation Ltd is conducting a feasibility study for a new refinery planned to cost Rs 85,000 crore.

Naidu also presented a strategic vision for Andhra Pradesh to become a USD 2.5 trillion economy by 2047. He highlighted ongoing dialogue with the Center to address various development projects, including highways and the Visakhapatnam International Airport.

(With inputs from agencies.)