Andhra to invest Rs 63,000 Cr to develop Amaravati; Nara Lokesh goes to US to woo investors
Andhra Pradesh government and private sector are investing Rs 63,000 crore (USD 7.5 billion) to develop capital Amaravati
By Sri Lakshmi Muttevi Published on 28 Oct 2024 5:06 AM GMT
Andhra Pradesh Minister Nara Lokesh is currently touring the USA, meeting industrialists to invest in the state
Amaravati: Andhra Pradesh government and private sector are investing Rs 63,000 crore (USD 7.5 billion) to develop capital Amaravati.
Andhra Pradesh Minister Nara Lokesh said the construction and developmental works will start soon. He said the government and private sector will invest USD 7.5 billion (Rs 63,000 crore).
Andhra Pradesh Minister Nara Lokesh, who is currently touring the USA, has appealed to industrialists to invest in the state. He met some industrialists at the residence of Dropbox co-founder Sujay Jaswa in San Francisco.
"I explained that various construction and development works will be started in the vicinity of the capital Amaravati with 3 billion dollars in the government sector and 4.5 billion dollars in the private sector. Besides, new green field ports are going to be set up at Machilipatnam, Ramayapatnam, Kakinada, and Moolapet. Bhogapuram International Airport will be completed in a year and a half and it will boost economic activities," Lokesh wrote on X.
He said that the state is going to set up an Al University in Amaravati. Necessary manpower will be made available for newly established Al institutes in the state. He appealed to the industrialists to invest in AP which has a favorable environment in all respects.
The minister will participate in the ITServe Alliance Synergy Conference to be held in Las Vegas on October 29 and unveil the idol of former Chief Minister N T Rama Rao in Atlanta, USA on October 31.
On October 19, Chief Minister Nara Chandrababu Naidu relaunched the works for rebuilding the capital city of Amaravati. He announced that the port city of Visakhapatnam will be developed as financial capital while a High Court bench and industries will be set up at Kurnool.
Two days ago, the World Bank initiated the process of lending a soft loan of ā¹15,000 crore to the Andhra Pradesh government for the reconstruction of Amaravati capital city. The project is all set to be another mega investment from the Housing and Urban Development Corporation Ltd (HUDCO). The estimated cost for constructing buildings, roads, drainage, and setting up drinking water facilities in the capital city is around ā¹50,000 crore. Of the total, ā¹26,000 crore is needed for phase one works, for which the HUDCO would extend ā¹11,000 crore.
