Andhra Pradesh Receives First Installment of Central Funds, World Bank and ADB Teams to Visit Amaravati .
The central government has agreed to provide funds to Andhra Pradesh under the Special Assistance for Capital Investment (SACI) scheme. As part of this, the first installment of ₹1,500 crore has been released. The state government, grappling with financial challenges, is actively exploring various avenues to secure funds from the center.
State Finance Minister Payyavula Keshav has made two trips to Delhi, engaging with the Union Finance Minister and senior department officials. Chief Minister Chandrababu Naidu also planned a Delhi visit to discuss funding. The state government has already submitted proposals to access all possible central funds.
SACI Scheme Details:
The central government is implementing a special scheme to boost capital expenditure across states. Under this initiative:
– The center will provide funds in the form of a 50-year interest-free loan.
– Andhra Pradesh is set to receive ₹2,200 crore this financial year.
– The center will release 66% of the total cost of approved projects.
– The state plans to use these funds to pay contractors with pending bills.
The construction of the capital city, Amaravati, is gaining momentum. Both the World Bank and Asian Development Bank have expressed interest in providing loans for this project.
Key points:
– Delegations from both banks will visit Amaravati from today until the 27th of this month.
– The World Bank team comprises 23 members, while the ADB team has 4 members.
– They will meet with state government and CRDA officials.
– Discussions will cover ongoing constructions, financial resources, and implementation plans.
Schedule of Meetings
– Today: Meeting with the Chief Secretary of the Finance Department and Special Chief Secretaries of the Municipal Administration Department at the Velagapudi Secretariat.
– A high-level meeting with the Chief Minister is also scheduled.
– The Chief Minister is expected to brief the delegations on the government’s priorities and policy initiatives.
This visit by international financial institutions marks a significant step in Amaravati’s development journey and could potentially unlock crucial funding for the capital city project.
