Construction work of the Amaravati Capital Region has been progressing at a brisk pace since the NDA government took charge in Andhra Pradesh. It is already known that the central government announced financial assistance of Rs. 15,000 crore in the Union Budget 2024 for the development of Amaravati.
The Amaravati construction proposals have now received approval for the allocated amount. The Rs. 15,000 crore funding will be provided by the World Bank and the Asian Development Bank.
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Meanwhile, the government released a report detailing how this budget will be utilized. The funds will go toward constructing world-class basic amenities, environment-friendly projects, and job creation within the capital city region.
The government ordered the Amaravati Capital Region Development Authority (CRDA) to implement plans to develop Amaravati as a “people’s capital.” Orders were given to establish highways, ducts, drains, canals for floodwater management, reservoirs, and drinking water projects in and around the city.
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The CRDA sent proposals to the union government for Amaravati’s sustainable development and received approval from the Ministry of Economic Affairs. As a result, the World Bank and the Asian Development Bank have each pledged $800 million. The remaining amount will be provided by the AP government.
The state government has decided to maintain a separate account for the funds received in phases for Amaravati’s construction and development. A separate budget allocation for Amaravati will also be made in the state budget.
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