New Delhi [India], December 13 (ANI): The Asian Development Bank (ADB) has approved a results-based loan worth USD 788.8 million to support the development of Amaravati as a green and smart capital city in Andhra Pradesh.
The project aims to transform Amaravati into a sustainable, world-class city with advanced infrastructure, enhancing the region’s economic prospects and quality of life. The loan will be provided in Japanese yen with a total value of 121.97 billion.
ADB said “The Amaravati Inclusive and Sustainable Capital City Development Program is designed to transform Amaravati into a growth hub for the region, enhancing economic prospects, providing job opportunities, and improving living conditions of the residents”.
Under the Amaravati Inclusive and Sustainable Capital City Development Program, the state will receive public investment in key infrastructure areas, including trunk infrastructure, government complexes, and neighborhood-level amenities.
Farmers involved in the land pooling schemes will also benefit directly. The program seeks to position Amaravati as a growth hub by attracting investments, creating jobs, and ensuring improved living conditions for residents. ADB will collaborate with other multilateral development banks (MDBs) to ensure high-quality and timely completion of infrastructure projects.
“ADB and other MDBs will provide global expertise and technical support to help the Government of Andhra Pradesh develop a sustainable and vibrant capital city. Amaravati will serve as a replicable model for developing greenfield cities and transforming peri-urban areas,” said Mio Oka, ADB’s Country Director for India.
The program focuses on building climate-resilient infrastructure, including green spaces, enhanced water and sanitation services, low-carbon transport systems, and improved drainage to mitigate flood risks. It also aims to attract private investors, boost employment, and support inclusive growth, particularly for women and youth.
ADB’s contribution includes strengthening urban institutions, fostering public-private partnerships, promoting social inclusion and gender equality, and leveraging smart technologies for urban planning and service delivery.
ADB was established in 1966 and it is owned by 69 members out of which 49 are from the region. The development of Amaravati reflects this vision by supporting sustainable growth and modern urbanization. (ANI)
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