The World Bank, among the biggest lenders financing the construction of Amaravati, the proposed new capital of Andhra Pradesh, has pulled out, citing non-compliance of its policies, especially those related to settlements with affected parties.
On July 18, 2019, the website of the World Bank showed the status of the Amaravati Sustainable Infrastructure and Institutional Development Project as ‘dropped’.
The total cost of the project is estimated at $715 million or Rs 4,922 crore, out of which, the World Bank had committed to lend $300 million or Rs 2,066 crore.
“The decision was taken on July 17, which came as a relief for petitioners who have been challenging the decision to construct the new capital,” says Tani Alex, researcher at the Centre for Financial Accountability, a New Delhi-based organisation which advocates financial accountability within India.
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The World Bank, among the biggest lenders financing the construction of Amaravati, the proposed new capital of Andhra Pradesh, has pulled out, citing non-compliance of its policies, especially those related to settlements with affected parties. On July 18, 2019, the website of the World Bank showed the status of the Amaravati Sustainable Infrastructure and Institutional Development Project as ‘dropped’. The total cost of the project is estimated at $715 million or Rs 4,922 crore, out of which, the World Bank had committed to lend $300 million or Rs 2,066 crore. “The decision was taken on July 17, which came as a relief for petitioners who have been challenging the decision to construct the new capital,” says Tani Alex, researcher at the Centre for Financial Accountability, a New Delhi-based organisation which advocates financial accountability within India.
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