Hyderabad: The Andhra Pradesh government is expecting huge loans from international financial institutions to push development projects. The government has prepared proposals for various projects worth about Rs 50,000 crore.
It has sent proposals worth Rs 24,000 crore to World Bank to get loans to various projects including the Amaravati capital city works. However, the central government clearance is a prerequisite for the projects to get World Bank loan. Chief Minister N. Chandrababu Naidu told a public meeting the other day that the state government has very little of revenue. For borrowings also, the state depended on the Centre for its permission.
According to state government estimates, as reflected in the Budget for the financial year 2016-17, the total outstanding borrowings through the year will be about Rs 1,90,513crore. If the state government gets permission to borrow about Rs 50,000 crore, the total outstanding state government borrowings will reach about Rs 2.40 lakh crore.
The state government hopes to get loans from World Bank, Asian Development Bank, Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), New Development Bank (NDB), Asian Infrastructure Investment Bank (AIIB) and Several other international financial agencies.
