You are here: Home » Economy & Policy » News
Business Standard

After World Bank, Beijing-backed bank drops plans to fund Andhra's capital

The World Bank withdraw its funding after the central government dropped its support for the project

Reuters  |  Beijing 

amaravati andhra pradesh
A road roller rolling on Arterial road in Amaravati, Andhra Pradesh | Photo: Wikipedia

The Beijing-backed (AIIB) has dropped plans to finance a new capital for the Indian state of Andhra Pradesh, after the pulled its support on Friday.

The construction of the city, known as Amaravati, is the brainchild of the state's former chief minister, N. Chandrababu Naidu, who lost power in elections in May.

"AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding," spokeswoman Laurel Ostfield told Reuters in an emailed statement.

The withdraw its funding after the central government dropped its support for the project.

 

 

 

First Published: Wed, July 24 2019. 10:27 IST
RECOMMENDED FOR YOU