World Bank Approves Loan for Amaravati Development

The World Bank has reportedly approved a loan for the construction of Andhra Pradesh's capital, Amaravati. According to sources, the World Bank Board met on Thursday and approved an $800 million loan for the project.

Earlier, the Asian Development Bank (ADB) had sanctioned a loan of $788 million for Amaravati's development. The central government had previously announced its commitment to funding the capital’s construction in the national budget, specifying that funds would be arranged through the World Bank and ADB.

With approvals from both institutions, a total of $1.588 billion in funding has been secured for Amaravati's development. The World Bank's loan approval reportedly followed a recommendation from the central government.