World Bank, ADB commit $1.6 bn for Andhra capital Amaravati from Jan 2025

The World Bank along with the Asian Development Bank in principle has committed to fund USD 1600 million (Rs 13,600 crore) for Amaravati capital city phase-I development and will start releasing the amount from January next year, a senior official of the Andhra Pradesh government has said. Of the total cost of Rs 15,000 crore for the phase-I development, the Central government will be funding the remaining Rs 1,400 crore, the official said, adding the total amount from the World Bank should be drawn within five years. The International Bank for Reconstruction and Development (IBRD), part of the World Bank, which provides loans and guarantees, among others and ADB will be funding USD 800 million (Rs 6,800 crore) each for the project. The repayment of the WB and ADB loans will be taken care of by the Centre, the official said. "The project is being funded jointly by the World Bank and Asian Development Bank. The funds will be released starting from January 30, 2025 or it can happen e