New Development Bank to provide Rs 6,000 crore loan to AP

New Development Bank to provide Rs 6,000 crore loan to AP

Published
Hot News
1 min read
Amaravathi: Representatives of New Development Bank meet Andhra Pradesh Chief Minister Y. S. Jagan Mohan Reddy in Amaravathi, on Sep 5, 2019. (Photo: IANS)
Amaravati, Sep 5 (IANS) The New Development Bank (NDB) is ready to sanction a Rs 6,000 crore loan to Andhra Pradesh.
NDB Vice President N. Jong and Project Head Ninad Rajpurkar on Thursday met Chief Minister Y.S. Jagan Mohan Reddy here.
They informed the Chief Minister that the loan would be approved soon. The loan can be repaid in 32 years.
The amount will be used for social infrastructure projects, said a statement from the Chief Minister's Office.
Reddy sought more assistance from the NDB to enable the state to complete its prestigious projects including infrastructure development, building of schools, hospitals and supply of clean drinking water.
The state sought sanction of an additional Rs 25,000 crore for these projects.
The New Development Bank was set up in 2015 by the BRICS countries. The Shanghai-based bank has lent over Rs 75,000 crore to various projects so far all over the world. Out of this Rs 25,000 crore was sanctioned for India.
--IANS
ms/kr

(This story was auto-published from a syndicated feed. No part of the story has been edited by The Quint.)

(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)

We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated.

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!