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World Bank Cancels Funding For Amaravati
By: Tupaki Desk | 19 July 2019 5:15 AM GMT
The World Bank approved $300 million funding for the dream capital of Former Chief Minister Chandrababu Naidu, Amaravati for infrastructure development under the Amaravati Sustainable Infrastructure and Institutional Development Project.
NGOs representing the AP Capital Farmers, Human Rights Activists and Environmental Activists filed petitions to the World Bank opposing the TDP Government's plans to make the fertile lands into concrete jungle. Following which, The World Bank sought an inspection report to verify whether the AP Government has honoured the commitments made to it and if the construction activity was happening as per the norms.
Inspection was conduction on close to 50 points and the report was submitted in January 2019. Based on the report, The Word Bank decided against lending $300 million funding for the AP Capital.
On the official website of World Bank, The status of the AP Capital funding project was mentioned as 'dropped'.
Asian Infrastructure Investment Bank (AIIB) was supposed to offer 50 percent of the $300 million funding for AP Capital. Even AIIB might withdraw the financial assistance offered after World Bank's u-turn.
NGOs representing the AP Capital Farmers, Human Rights Activists and Environmental Activists filed petitions to the World Bank opposing the TDP Government's plans to make the fertile lands into concrete jungle. Following which, The World Bank sought an inspection report to verify whether the AP Government has honoured the commitments made to it and if the construction activity was happening as per the norms.
Inspection was conduction on close to 50 points and the report was submitted in January 2019. Based on the report, The Word Bank decided against lending $300 million funding for the AP Capital.
On the official website of World Bank, The status of the AP Capital funding project was mentioned as 'dropped'.
Asian Infrastructure Investment Bank (AIIB) was supposed to offer 50 percent of the $300 million funding for AP Capital. Even AIIB might withdraw the financial assistance offered after World Bank's u-turn.
