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World Bank, Andhra Pradesh govt sign agreement for Rs2,025 crore loan

Terming the agreement as 'historic', Rosaiah said Andhra Pradesh was one of the largest recipients of external aid from the World Bank.

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Several years of negotiations between the cash-starved Andhra Pradesh government and the World Bank culminated successfully with the two signing an agreement today for a Rs2,025 crore loan from the Bank for the Nagarjuna Sagar Modernisation Project.

The agreement was signed in the presence of chief minister K Rosaiah, major irrigation minister Ponnala Lakshmaiah, World Bank country head (in charge) Giovanna Prennushi, state chief secretary SV Prasad, joint secretary in the Union department of economic affairs Anup K Pujari and other senior officials.

The state government will bear the balance portion of the total project cost of Rs4,444 crore, according to Lakshmaiah.

Terming the agreement as "historic", Rosaiah said Andhra Pradesh was one of the largest recipients of external aid from the World Bank.

Apart from the Nagarjuna Sagar Project, the state has secured funds to the tune of several thousand crores from the World Bank for various other projects in different sectors, he added.

The over 50-year-old Nagarjuna Sagar is one of the largest irrigation projects in the country with a command area of 8.95 lakh hectares spread over five districts in the state.

The project modernisation works were taken up in 2008 but faced the threat of getting stuck due to paucity of funds. With the World Bank coming forward to lend money, the state government wants to complete the works in six years.

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