HUDCO sanctions Rs.11,000 crore for construction of Amaravati greenfield capital city

New Delhi: Navratna CPSE Housing and Urban Development Corporation Ltd (HUDCO), has pledged to provide a loan of Rs 11,000 crore for the construction of the Amaravati greenfield capital city in Andhra Pradesh, as announced by the state government on Monday.

Municipal Minister P Narayana met with HUDCO's Chief Executive Officer, Sanjay Kulshrestha, in Delhi, where he presented the state government's development plans for Amaravati. Following this meeting, HUDCO's CEO expressed satisfaction with the proposals and agreed to lend a substantial amount to the Andhra Pradesh Capital Region Development Authority (AP CRDA) for the city's construction.

This loan will contribute to the Rs 26,000 crore required for the first phase of Amaravati's development. The World Bank and the Asian Development Bank (ADB) have already committed Rs 15,000 crore, making HUDCO's loan a crucial addition to secure the total funding needed for the ambitious project.