AP Government Looking at 1.5 Lakh Crore Loan for Pending Projects

Andhra Pradesh Chief Minister YS Jagan Mohan Reddy asked the officials to look into the loan of 1.5 Lakh Crore for the completion of the pending projects in the state. The State Government is keen on forming a Special Purpose Vehicle (SPV) to mobilize the loans.

26,000 Crore is needed for Drought Prevention Projects in Rayalaseema, another 69,000 Crore for the Godavari – Banakacharla Interlinking Project, and another 15,000 Crore for Uttarandhra Srujala Sravanthi Project. The Chief Minister also expressed his unhappiness over the Center’s poor co-operation about Polavaram Project.

He also told the officials that the State Government may have to fund the project on its own if necessary. Polavaram Project was put on hold ever since the elections happened. It was the issue of Reverse Tendering initially and due to the lack of support later on.

The Central Government approved the release of 1850 Crores for Polavaram a couple of months ago but the fund’s release is being delayed on one reason or the other.