VIJAYAWADA: The World Bank and the Asian Development Bank (ADB) have given their final clearance to grant loan for capital city Amaravati development project. The two-day long negotiations between the top executives of World Bank, ADB, Union finance ministry, and state govt's nodal agency (CRDA) ended on a positive note in New Delhi on Tuesday. The department of expenditure in Union finance ministry coordinated the talks with the international lending agencies and CRDA.
Sources said no formal signing of MoU will take place between the lending agencies (WB and ADB), principal borrower (Centre), and the executing agency (CRDA), which will place the terms and conditions of the loan to be granted by the multilateral lending agencies before the state cabinet. Similarly, World Bank and ADB will refer the agreement to their respective boards for final endorsement.
CRDA commissioner Katamaneni Bhaskhar submitted the project proposals, which were scrutinized by the lending agencies, and cleared all the doubts and queries raised by their executives. Senior executives of World Bank and ADB earlier visited Amaravati and held discussions with the stakeholders, including local farmers and farm labourers, about the impact of the proposed projects on their livelihood.
After going through the voluminous reports submitted by the CRDA, the World Bank and ADB teams held discussions with Union finance ministry officials to finetune various aspects of the agreement.