: Chief Minister N. Chandrababu Naidu has directed officials to scout for international funding agencies that extend loans at cheaper rate of interest. The State government has to spend Rs. 32,500 crore in the next four years for creation of infrastructure in Capital city Amaravati, he said.
The Chief Minister held a review meeting on Amaravati here on Wednesday.
Mr. Naidu said the government had grandiose plans to develop Amaravati as a mega city in 15 years.
The face of Amaravati would change with creation of infrastructure there.
The government proposes to spend Rs. 43,000 crore in 10 years. And a major chunk of this would be spent in the next four years.
The government plans to pool up required funds from nine ways. As many as 21 projects should be launched by 2018, he said, adding, it was necessary to zero in on the financial institutions for the funding.
Extensive consultations
For this, it was necessary to conduct extensive consultations with financial experts both nationally and internationally in the urban infrastructure sector.
It would be helpful in exploring all possible alternative funding sources like pension funds and sovereign funds to achieve low-cost funding for Project Amaravati.
The funding sources could be the World Bank, the Asian Infrastructure Investment Bank (AIIB) and domestic funding agencies like HUDCO, he said.
The officials told the Chief Minister that a loan of Rs. 7,500 crore had been tied up with HUDCO and the World Bank loan for Rs. 4,700 crore had also been approved by the Central government.
Expenditure on infrastructure
Mr. Naidu explained that the government proposed to spend Rs. 4,967 crore on roads, and Rs. 750 crore on drinking water and sewerage facilities.
The government plans to spend Rs. 3,287 crore on the power sector. Another Rs. 1,000 crore was required for flood management and Rs. 250 crore for greenery. And, Rs. 519 crore was required to provide infrastructure in the villages of the Capital city, he explained.
Chief Secretary S P Tucker, Special Chief Secretary Satish Chandra, Capital City Development and Management Corporation Chairperson Lakshmi Parthasarthy Bhaskar, CRDA Commissioner Sridhar, R&B Principal Secretary B.Syam Bob, and Municipal Administration Principal Secretary Ajay Jain were present.
It is proposed to spend Rs. 32,500 cr. in the next four years, says Chief Minister
