World Bank decided not to Fund Amravati Project

0
30

The World Bank has withdrawn USD 300 million from “Amravati Sustainable Infrastructure Development Project”. The World Bank along with Asian Infrastructure Investment Bank (AIIB) was to provide a share of USD 715 million of critical funding for infrastructure development of the City.

  • The construction of Amravati city is the brainchild of former CM, N. Chandrababu Naidu and PM Modi laid the foundation for the project in 2015.
  • But after losing power in the state, the project has been put to a halt and now the World Bank put the status of the project as ‘dropped’.
  • The World Bank was considering the project under Amravati sustainable Infrastructure and Institutional Development Project and Amravati Sustainable Capital City Development Project.
  • A.P. was split in 2014, and Hyderabad was shared as the capital by both states (Telangana and A.P.) for10 years.
  • The world bank has withdrawn its funding due to accusations from activists, NGO groups of corruption and environmental damage, assurance to farmers for the land taken were not fulfilled and not following all rules and regulations proposed by the bank.