World Bank statement on dropping Amaravati loan

World Bank statement on dropping Amaravati loan

There has been wide discussion about World Bank's financial assistance to Andhra Pradesh. Last week, World Bank is heard to have stopped funding to AP which is worth Rs 300 crore. Ruling and opposition parties have blamed each other for this fiasco.

The World Bank has issued a statement regarding the same and revealed who was responsible for this. Shockingly it is the PM Modi led BJP government which had withdrew its request for the proposed Amaravati Sustainable Infrastructure and Institutional Development Project. The World Bank has no other option when the government of India took back its proposal.

Despite this, the World Bank made it clear that it will continue to support Andhra Pradesh in whatever way it could and announced a new $328 million support to the state's health sector. AP government and World Bank have inked this deal on June 27, 2019.

But from where AP government will gather funds for the construction of the capital city, Amaravati is a million Dollar question. Modi government is not supporting at all and is also not letting others support. This makes it clear that Amaravati will take a long time for full-fledged development.

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