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Now, China-based AIIB drops $200 million loan towards Amaravati

24-07-201924-07-2019 07:36:50 IST
2019-07-24T02:06:50.254Z24-07-2019 2019-07-24T02:06:46.600Z - - 09-04-2020

Now, China-based AIIB drops $200 million loan towards Amaravati
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After World Bank withdrew its commitment to extend financial aid for the development of Amaravati capital in Andhra Pradesh. Andhra Pradesh received another jolt as Asian Infrastructure Investment Bank (AIIB) also followed the suit and decided to withdraw its support towards Amaravati.

Laurel Ostfield, Director General, Communications for AIIB reportedly told Reuters in an emailed statement, “AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding.” AIIB had earlier pledged $200n million towards various developmental projects in the capital region of Andhra Pradesh. 

The previous TDP government’s Amaravati project has been mired in controversy, surrounded by several allegations of land scam and flouting of environmental regulations. Many farmers and people's organisations have been lamenting that the Amaravati project would create food insecurity, with constructions being built on fertile land.  

In case of World Bank's with drawal, more than the political noises, the complaints from the farmers and people’s group are believed to have influenced the World Bank’s decision to withdraw its commitment for the project. Also, the universal lending entity adheres to a list of strict guidelines in extending financial assistance across the world. One of which is staying away from projects that are likely to cause damage to the greenery in the name of urbanization and are detrimental to the environment.

 


Sharat Bhamidi


With 5 years of experience in Digital Media, Sharat Bhamdi specialises in creating content for webistes, developing ad campaigns and social media campaigns. At NewsSting, he handles the video division where he brings in content through feature videos and interviews.
 sharat@rightfolio.co.in
      040 23600300

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