News/City Updates

Asian Infrastructure Investment Bank (AIIB) to sanction $3 billion loan to Andhra Pradesh

The Asian Infrastructure Investment Bank (AIIB) has agreed to sanction a loan of $3 billion for taking up several development projects in Andhra Pradesh.

Beijing-based AIIB’s Vice-President and Chief Investment Officer D J Pandian, Director-General- Investment Operations, U N Pang and Principal Social Development Specialist Somnath Basu visited Amaravati on Thursday to meet Andhra Pradesh Chief Minister YS Jagan Mohan Reddy.

After the meeting, the news of the partnership was made official via a tweet from the AP CMO’s handle. “Asian Infrastructure Investment Bank delegates met Hon’ble Chief Minister @ysjagan at the secretariat, today. AIIB has agreed to sanction a loan of $3 Billion to Andhra Pradesh Government for taking up development projects.” the tweet read.

During the meeting, CM Jagan told the AIIB officials that Andhra Pradesh intends to utilise the funds for various developmental projects, major ones being the construction of ports at Bhavanapadu and Machilipatnam in Srikakulam and Krishna districts, respectively. Construction of ports, airports, roads, water grid, and irrigation projects would also be taken up, the CM told the delegation.

The agreement from AIIB comes months after the World Bank had dropped the $300 million worth financial aid to Amaravati.

Share
Leave a Comment

Recent Posts

Bigg Boss 8 Telugu: Gautam’s Unseen Strategy as the Sanchalak!

Unlike every week, the unofficial voting polls fluctuate showcasing different results. In some polls, Yashmi…

1 hour ago

Streaming now: Check out 7 movies and web series hitting OTT today!

It’s finally Friday, and you know what that mean. It's time to bid farewell to…

2 hours ago

Lawyers promise legal support to gangrape victim

Lawyers in Visakhapatnam staged a dharna in front of the district court on 22 November…

4 hours ago

India’s largest convention centre will come up in Visakhapatnam: Nara Lokesh

During the AP Assembly session on 21 November 2024, IT and HRD Minister Nara Lokesh…

5 hours ago

2nd Infosys campus to new data units: Lokesh shares 5 key IT developments in Visakhapatnam

Andhra Pradesh's IT and HRD Minister, Nara Lokesh, has revealed a series of exciting IT…

6 hours ago

Badamgir Sai passes away

Noted stage artiste and founder of Rangasai Nataka Sangam and Rangasai Nataka Grandhalayam, AVVS Murthy,…

7 hours ago