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This is an archive article published on July 20, 2019
Capital projects won’t stop: Andhra Minister on World Bank pullout
The World Bank this week dropped out of funding Amaravati Sustainable Infrastructure and Institutional Development Project. It had earlier agreed to loan $300 million and Asian Infrastructure Investment Bank was supposed to loan $200 million for the same project.
Meanwhile, AIIB has indicated to state officials that it will review its involvement in the project after the withdrawal by World Bank. (File)
The construction of projects will continue in Amaravati even without funding from the World Bank, Andhra Pradesh Municipal Administration and Urban Development Minister Botsa Satyanarayana has said.
“We have not cancelled contracts under progress. Construction will continue even if World Bank has decided to drop out. The YSRCP government has cancelled only those contracts that were awarded in haste by the TDP after the elections were announced. Some contracts are under scrutiny because we feel there was corruption. We will look for other sources of funding,’’ he said.
The World Bank this week dropped out of funding Amaravati Sustainable Infrastructure and Institutional Development Project. It had earlier agreed to loan $300 million and Asian Infrastructure Investment Bank was supposed to loan $200 million for the same project.
Explained | No, work will not stop at Amaravati
To a query by The Indian Express to World Bank on whether there are specific reasons for the change in its stance, a spokesperson said, “The Government of India has withdrawn its request to the World Bank for financing the proposed Project. The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation.’’
Meanwhile, AIIB has indicated to state officials that it will review its involvement in the project after the withdrawal by World Bank.
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