The State government has proposed a loan deal of ₹25,000 crore for development of schools, hospitals, road infrastructure, drinking water and other things in the State with the New Development Bank (NDB) in addition to the ₹6,000 crore loan which is awaiting approval of the bank’s board, according to a release by the government.

A delegation from the NDB met Chief Minister Y.S. Jagan Mohan Reddy on Thursday at his camp office in Tadepalli. They held discussions over the ₹6,000 crore loan proposal going for the approval of the bank’s board soon.

Mr. Jagan sought the support of the bank to go for more development projects by extending a loan of ₹25,000 crore, as per the release. The government plans to utilise the ₹6,000 crore loan, which is 70% of the total projects’ cost, for development of road and other infrastructure in the State. The remaining 30% would be borne by the State government and the loan should be paid within a period of 32 years, the release said. The bank, which was established by the BRICS nations, has so far extended a loan of ₹25,000 crore to India, the release said.