New Delhi: Housing and Urban Development Corporation Ltd (HUDCO), a Navratna Central Public Sector Enterprise (CPSE), has approved a loan of Rs 11,000 crore for the development of Amaravati, the proposed greenfield capital city of Andhra Pradesh. This financial commitment was confirmed following discussions between Andhra Pradesh's Municipal Minister P Narayana and HUDCO’s Chief Executive Officer Sanjay Kulshrestha in New Delhi.

The loan will play a key role in funding the first phase of Amaravati's development, which requires a total investment of Rs 26,000 crore. Prior to HUDCO's approval, both the World Bank and the Asian Development Bank (ADB) had already committed Rs 15,000 crore to the project. The additional funds from HUDCO will provide a significant boost to the Andhra Pradesh Capital Region Development Authority (AP CRDA) as they continue working on the city's ambitious construction plans.

Amaravati's development has garnered attention for its vision of creating a modern capital with sustainable infrastructure, and the financial backing from HUDCO is seen as a major step toward realising this goal.

BI Bureau