HUDCO's Rs 11,000 Crore Boost for Amaravati's Development

Housing and Urban Development Corporation Ltd (HUDCO) has agreed to lend Rs 11,000 crore for the construction of Amaravati's greenfield capital city in Andhra Pradesh. This lending decision supports the state's plan, along with contributions from the World Bank and Asian Development Bank, securing needed funds for Phase-1 construction.

Housing and Urban Development Corporation Ltd (HUDCO), a prominent public sector enterprise, has pledged Rs 11,000 crore to support the construction of Amaravati, a greenfield capital city in Andhra Pradesh, according to the state government.

During a meeting in Delhi, Municipal Minister P Narayana discussed the state's development plans with HUDCO chief Sanjay Kulshrestha. Following this, HUDCO committed to providing the financial backing needed for the project.

The decision by HUDCO to lend Rs 11,000 crore is part of an overall Rs 26,000 crore Phase-1 construction budget. Previous commitments from the World Bank and Asian Development Bank had already secured Rs 15,000 crore, ensuring full funding for the project.

(With inputs from agencies.)