HUDCO extends Rs 11,000 crore loan to CRDA for construction of Andhra state capital

Amaravathi (Andhra Pradesh) [India], March 16 (ANI): In a significant development, the Housing and Urban Development Corporation (HUDCO) has extended a massive Rs 11,000 crore loan to the Capital Region Development Authority (CRDA) for the construction of Amaravathi, the state capital of Andhra Pradesh, said the official statement.
This agreement was signed in the presence of Chief Minister Nara Chandrababu Naidu at his residence in Undavalli and was attended by Minister for Municipal Administration and Urban Development (MAUD), P Narayana, HUDCO CMD Sanjay Kul Shreshtha, and other officials.
As per the agreement, HUDCO will provide a loan of Rs11,000 crore for the construction of the state capital. The loan is part of the Rs 26,000 crore needed for constructing Amaravati Phase-1. With this loan, HUDCO has helped bridge the funding gap, as the World Bank and Asian Development Bank had already committed Rs 15,000 crore.
Earlier, during the HUDCO board meeting in Mumbai on January 22, approval was granted for funding. Following this, the agreement was formally signed with CRDA today.
Chief Minister Naidu welcomed the loan agreement, stating that it would accelerate the development of Amaravathi.
Meanwhile, on Saturday, CM Naidu also urged citizens to participate in the 'Swachh Andhra' campaign, emphasizing the importance of protecting the environment and keeping public spaces clean.
He also accused the previous YSRCP government of having burdened the people with a debt of Rs 10 lakh crore.
"Every individual should be a part of achieving the goal of a Clean Andhra. Everyone must contribute to protecting the environment. It is our collective responsibility to keep our homes, surroundings, schools, colleges, government offices, public places, and places of worship clean," the Chief Minister said while participating in the Swarna Andhra - Swachh Andhra program in West Godavari district's Tanuku.
Naidu said that with the cooperation of the Centre, his government had embarked on a path of development.
"On March 15, 1978, exactly 45 years ago, I stepped into the Assembly for the first time. I have been honored in an extraordinary way that no one else in this state has experienced. My only goal is to serve the Telugu people. We are bringing reforms in governance. The people have blessed the alliance of the TDP, BJP, and Jana Sena. With the cooperation of the central government, the state has embarked on a path of development. We have introduced a clear policy under 'Swarna Andhra 2047'," he said. (ANI)