Housing and Urban Development Corporation Ltd (HUDCO), a central public sector enterprise, has committed to providing Rs 11,000 crore for the development of the Amaravati greenfield capital city in Andhra Pradesh. The state government announced this significant funding boost on Monday. Municipal Minister P Narayana met with HUDCO CEO Sanjay Kulshrestha in Delhi to discuss the state’s plans for Amaravati’s growth.
Impressed by the government’s proposals, HUDCO CEO agreed to extend a loan of Rs 11,000 crore to the Andhra Pradesh Capital Region Development Authority (AP CRDA) for the construction of Amaravati. With this new funding, the total amount required for Phase-1 of the project, estimated at Rs 26,000 crore, has now been secured. The World Bank and Asian Development Bank have already pledged Rs 15,000 crore towards the project.
Overall, this substantial financial support from HUDCO, along with existing commitments, ensures that the necessary funds are in place to continue the development of Amaravati.
