ADB and World Bank come to AP’s Rescue!

Asian Development Bank and World Bank have come to the rescue of Hudhud hit Andhra Pradesh. Both the banks are said to have agreed to provide anywhere between Rs 3,500 crore and Rs 7,500 crore to the state for underground cabling project in Visakhapatnam and various other reconstruction works in the Hudhud-hit districts of Uttarandhra.

AP government has sent them the proposals for an aid of 9000 Crores but both the banks may not lend the state more than 7500 Crore due to the Fiscal Responsibility and Budget Management (FRBM) limits.

A team of 10 member World Bank experts are touring Vishakapatnam as we speak. They are given a power point presentation regarding the damage caused by the cyclone at the collectorate. They will be touring few areas in the district and will meet Andhra Pradesh Chief Minister Chandrababu Naidu. The Asian Development Bank is also expected to tour Hudhud hit areas very soon.