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World Bank refuses $300 million funds for Amaravati

19-07-201919-07-2019 11:21:18 IST
Updated On 20-07-2019 11:55:56 ISTUpdated On 20-07-20192019-07-19T05:51:18.656Z19-07-2019 2019-07-19T05:35:24.985Z - 2019-07-20T06:25:56.392Z - 20-07-2019

World Bank refuses $300 million funds for Amaravati


World Bank website on Thursday showed the $300 million loan request for Amaravati region development in the 'dropped' section. This led to a lot of confusion as there has been no formal announcement either from the World Bank or the Andhra Pradesh Government. This led to a number of speculations as this move was seen as a result of a number of complaints made to the World Bank regarding the irregularities and corruption around the capital region project's construction. 

The World Bank however, denied all such speculations and said that the request to drop the loan came from the Ministry of Finance, Government of India. "The Government of India has withdrawn its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project. The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision," said a World Bank official.

Meanwhile, YSRCP is alleging that the dropping of the loan was a result of corruption of highest levels in the projects. According to YSRCP MP Vijayasai Reddy the decision was World Bank was taken as both state and central government didn't want a foreign organisation to conduct checks into any alleged irregularities by the previous Naidu government. It is being believed that the Government of India asked the World Bank to drop the loan as they did not see an necessity of funds at this point. 

Chief Minister Jaganmohan Reddy is expected to take up this issue in the Assembly and present the government's version soon. 

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.
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