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01-05-2010, 06:27 AM #1
$300 mn World Bank loan for urban development in Andhra
The World Bank has approved a loan of $300 million (Rs.1,400 crore) for urban infrastructure development in Andhra Pradesh, Chief Minister K. Rosaiah said here Sunday.
Rosaiah said the World Bank loan under the Andhra Pradesh Municipal Development Project would provide a big impetus to the government's initiative to meet the civic and infrastructure requirements of people.
He told a meeting on urban development that the project's cost is Rs.1,670.55 crore ($350 million), of which the state government's share would be Rs.238.64 crore ($50 million).
The project would commence from Feb 15, 2010, and is expected to be completed by Dec 31, 2015.
The loan agreement with the World Bank is expected to be finalised this month.
The project's objective is to help improve urban services in the state and the capacity of urban local bodies to sustain and expand services.