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HUDCO to lend Rs 110 billion for Amaravati greenfield project

2024-10-23

The Housing and Urban Development Corporation Ltd (HUDCO), a Navaratna public sector enterprise, has committed to lending Rs 110 billion for the construction of Amaravati’s greenfield capital city in Andhra Pradesh, according to a state government announcement on Monday.

The Amaravati Phase-1 project requires a total of Rs 260 billion, with the World Bank and the Asian Development Bank (ADB) agreeing to provide Rs 150 billion in funding.

Municipal Minister P. Narayana, currently in Delhi, met with HUDCO’s Chief Executive, Sanjay Kulshrestha, to discuss the state government’s development plans for the new capital. Following the discussions, Kulshrestha expressed satisfaction with the proposals and confirmed HUDCO's financial support of Rs 110 billion to the Andhra Pradesh Capital Region Development Authority (AP CRDA) for the project.

The Amaravati greenfield capital is envisioned as a key urban and economic hub, with funding from multiple international institutions contributing to its ambitious infrastructure development. (Business Standard)