The World Bank will release its first quantum of $1 billion loan in April 2017 for the construction of AP’s new capital Amaravati, said Chairman of Capital Region Development Authority Sreedhar Cherukuri.
Construction of Core Capital, including key government and administrative structures, would be taken up with this loan.
But the cash-strapped State had opted for phased disbursal of the huge loan keeping in mind the hefty penal charges.
“We have chosen to avail ourselves of the WB loan in two phases. There is no truth in reports stating that the WB had cut down the loan amount by half. The World Bank will release $500 million in April 2017 and we have chosen to avail the loan in two phases. The first tranche of $1 billion will be released in phases.
