China-led development bank joins World Bank in pulling funds for Andhra Pradesh's new capital

The Beijing-backed Asian Infrastructure Investment Bank has dropped plans to finance a new capital for the Indian state of Andhra Pradesh, after the World Bank pulled its support on Friday

Reuters July 24, 2019 12:18:11 IST
China-led development bank joins World Bank in pulling funds for Andhra Pradesh's new capital
  • The construction of the city, known as Amaravati, is the brainchild of the state’s former chief minister, N. Chandrababu Naidu, who lost power in elections in May

  • AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding, the bank said

  • The World Bank withdraw its funding after the central government dropped its support for the project

Beijing: The Beijing-backed Asian Infrastructure Investment Bank has dropped plans to finance a new capital for the Indian state of Andhra Pradesh, after the World Bank pulled its support on Friday.

The construction of the city, known as Amaravati, is the brainchild of the state’s former chief minister, N. Chandrababu Naidu, who lost power in elections in May.

“AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding,” spokeswoman Laurel Ostfield told Reuters in an emailed statement.

The World Bank withdraw its funding after the central government dropped its support for the project.

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