After YS jagan Mohan Reddy assumed office, the World Bank and the Asian Infrastructure Investment Bank (AIIM) have pulled out of the $300 million state capital project bringing a lot of criticism on the new government. To make it up for that, the state government is in talks with a new development bank for a 6000 Crore loan.
New Development Bank Vice-President and Cooperation Officer Xian Zhu, along with project finance officer Ninad Rajpurkar discussed various proposals related to funds with the Chief Minister jagan this morning at his Tadepalli Residence. They informed him that the New Development Bank Board would soon approve the loan proposal of Rs 6000 crore to the State. The loan amount would be used for various R and B works to facilitate new roads and other R and B projects in the State.
It is said that the State would invest 30 percent of the amount and the NDB would sanction 70 percent of the loan amount on the condition that the State would be clear the loan in 32 years. jagan would silence his distractors once this loan is approved for Andhra Pradesh.
