Historic Loan Agreement Paves Way for Amaravati's Development

Andhra Pradesh's Capital Region Development Authority and HUDCO have signed a significant Rs 11,000 crore loan agreement for building the greenfield capital city of Amaravati. Chief Minister N Chandrababu Naidu witnessed the signing, which received prior approval at a HUDCO board meeting in Mumbai.

In a landmark move, Andhra Pradesh's Capital Region Development Authority (CRDA) and HUDCO formalized a Rs 11,000 crore loan agreement for Amaravati's development. The deal was inked on Sunday, witnessed by Chief Minister N Chandrababu Naidu at his Undavalli residence in the Guntur district.

The agreement signifies a major step forward in the construction of the state's greenfield capital city. A press release noted that HUDCO will provide much-needed financial support to realize Amaravati's urban development vision.

This strategic collaboration follows a pivotal decision from a HUDCO board meeting in Mumbai on January 22, which sanctioned the loan. Municipal Minister P Narayana, HUDCO CMD Sanjay Kulshrestha, and other officials attended the signing event.

(With inputs from agencies.)