The World Bank said on Friday it had withdrawn $300 million of funding for a new capital in Andhra Pradesh after the central government dropped support for the project.
The Beijing-backed Asian Infrastructure Investment Bank (AIIB), that was due to finance $200 million of the project, then said it was reviewing its involvement.
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.
https://www.livemint.com/news/india/world-bank-decides-not-to-fund-project-to-build-andhra-s-new-capital-amaravati-1563551089376.html
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
The World Bank said on Friday it had withdrawn $300 million of funding for a new capital in Andhra Pradesh after the central government dropped support for the project. The Beijing-backed Asian Infrastructure Investment Bank (AIIB), that was due to finance $200 million of the project, then said it was reviewing its involvement. 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. https://www.livemint.com/news/india/world-bank-decides-not-to-fund-project-to-build-andhra-s-new-capital-amaravati-1563551089376.html