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AP has major projects funded by multilateral banks: Minister Gautham Reddy

The Andhra Pradesh (AP) government has recently signed an agreement with New Development Bank (NDB) for two road projects worth $ 646 million.

It is in the process of implementing agricultural resilience to World Bank (WB) -funded rejuvenating watersheds through the Development (REWARD) project in five districts in the tribal belt of the disbanded Rayalaseema region and Visakhapatnam district over the next six years.

The Ministry of Industry and Commerce said that the Visakhapatnam-Chennai Industrial Corridor Development Project included a $ 630 million grant and policy-based loan and the government was working closely with WBB. Gautham Reddy.

Attending a virtual conference on ‘ the largest sources with business opportunity’ organized by the AP and the Federation of Chambers of Commerce and Industry on Friday, Mr Gautam Reddy said that multilateral banks were instrumental in fighting poverty Have been supporting financially. Development, and were ensuring lasting gains in the quality of life of people in developing countries.

He said India’s partnership with multilateral banks allowed it to leverage its analytical, financial and human resources for the benefit of the country.

The minister stated that India’s engagement with WB began in 1948 with the of the agricultural machinery project.

WB has 105 operations in its lending portfolio, including the transport, water, energy and information and communications technology sectors, with $ 27.10 billion.

Mr. Gautham Reddy said that India started leveraging the assistance of the Asian Development Bank (ADB) in 1986, after which it took 239 sovereign loans totaling $ 42.26 billion. The cumulative debt and grant disbursement in India was $ 31.79 billion.

In 2019, ADB took a record $ 3.18 billion loan for 10 projects in the infrastructure, transport, energy, urban services and agriculture sectors.

India became a founding member of the Asian Infrastructure Investment Bank (AIIB) in 2016 and holds the second largest share after China. India received $ 4.35 billion from AIIB, the highest for any country.

Mr. Gautham Reddy said that AP was focused on investing in hard infrastructure like industrial corridors, industrial parks, ports and airports along with soft infrastructure like industrial facilities, health care, skill development and capacity building.

Aditya Nath Das, Chief Secretary of AP Government, CV Achut Rao, President of FAPCCI and Chairman of FTCCI I. Ramakant and others participated.

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