Amravati: On Tuesday, Andhra Pradesh Chief Minister N. Chandrababu Naidu invited the World Bank and Asian Development Bank to partner with the state government in developing the state capital.
The Chief Minister met representatives of the World Bank and the Asian Development Bank (ADB) here and discussed the state government’s vision and plans for Amaravati.
Naidu’s invitation to the World Bank and ADB is a significant step towards creating a futuristic capital city for Andhra Pradesh, instilling hope for Amaravati’s future.
Upon his return as the Chief Minister after a five-year hiatus, Naidu immediately set his sights on reviving his ambitious project of Amaravati as the state capital. This marked the first of many crucial steps towards the resurrection of Amaravati’s development.
About a decade ago, he envisioned Amaravati on the banks of the Krishna River as a dream capital and a world-class city and began working on a few components when the Telugu Desam Party (TDP) was in power between 2014 and 2019.
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Naidu’s vision for Amaravati, with its master plan prepared by Singapore, attracted international investors from countries like Australia, Japan, Germany, Singapore, and the UK, showcasing the city’s global potential.
The abrupt halt of the Amaravati project in 2019, following the YSR Congress Party’s decision to develop three state capitals, including Visakhapatnam as the administrative capital, significantly impacted the future of Amaravati’s development.
The YSRCP government’s announcement of three capitals caused investors to withdraw their support from Amaravati. This exodus had serious implications for the future of Amaravati’s development.
The World Bank and the Asian Infrastructure Investment Bank (AIIB) were the first to withdraw from a project to fund Amaravati’s development. The World Bank and AIIB had committed $300 million and $200 million, respectively, to the project. Naidu is now trying to restore the investors’ confidence.
His plan to revive the development of Amaravati received a boost last month. The BJP-led NDA government at the Centre announced in the Union Budget that Rs 15,000 crore will be arranged during the current financial year for the development of Amaravati. Union Finance Minister Nirmala Sitharaman announced that the Centre will facilitate special financial support through multilateral development agencies.
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–IANS
