Rs1,431 crore World Bank loan for Andhra Pradesh civic projects

In a major fillip to the urban development sector in Andhra Pradesh, the World Bank has approved a loan of 300 million US dollars (approximately Rs1,431.91 crore) under the Andhra Pradesh Municipal Development Project.

Disclosing this at a meeting on urban development today, chief minister K Rosaiah said the World Bank loan would provide a big impetus to the government's initiative in taking up qualitative works in various municipalities to meet the civic and infrastructure requirments of urban people.

The chief minister said the total project costs Rs1,670.55 crore (350 Million US dollars), out of which the state government's share would be Rs238.64 crore (50 million US dollars). The project would commence from February 15 next, and is expected to close by December 31, 2015.

"The loan agreement is expected to be signed during this month", Rosaiah said.

Minister for urban development Anam Ramnarayana Reddy, principal secretaries, TS Appa Rao, Pushpa Subramanyam and other senior officials attended the review meeting.