In a major boost to Andhra Pradesh’s ambitions for a sustainable capital city, the World Bank has approved a $800 million loan under the Amaravati Integrated Urban Development Program. This funding will support the construction of the greenfield city of Amaravati, aiming to establish it as a modern, climate-resilient urban center.
The World Bank’s Board of Executive Directors made the approval on Thursday during a meeting in Washington, D.C. The program focuses on transforming Amaravati into a well-planned city, which will significantly improve infrastructure, economic opportunities, and the quality of life for its residents, particularly those in vulnerable sectors.
Key Features of the Amaravati Development Program
- Infrastructure Development: The program will provide essential urban infrastructure, including roads, water supply systems, and wastewater management, ensuring that Amaravati meets the needs of its growing population.
- Climate Resilience: A key focus of the program is to incorporate climate resilience measures. This includes flood protection and the implementation of nature-based solutions to safeguard the city against future environmental challenges.
- Economic Growth and Job Creation: The program is expected to attract significant private sector investment, which will create job opportunities and promote economic development. Over 50,000 jobs are expected to be generated through the program, contributing to the region’s economic growth.
- Social Inclusion: The program aims to foster social equity, with a particular emphasis on skill development programs for women and marginalized communities, ensuring that all residents benefit from the city’s growth.
Complementary Support from Other Financial Institutions
This approval follows an earlier loan of $788 million from the Asian Development Bank, bringing the total funding for the Amaravati development to over $1.5 billion. The collaboration between these financial institutions is poised to play a crucial role in realizing Amaravati’s potential as a global city.
Conclusion
The World Bank’s financial support is a testament to its commitment to sustainable urban development in India. With the backing of international financial institutions, Amaravati is set to become a beacon of modern infrastructure, economic growth, and climate resilience.
Source: Web Team, C6N
