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NDB to extend Rs 6,000 Cr loan to AP govt
Andhra Pradesh

NDB to extend Rs 6,000 Cr loan to AP govt

Agency News

Amaravati, Sep 5 : New Development Bank (NDB) has agreed to extend Rs.6,000 crore loan to Andhra Pradesh government.

A delegation from New Development Bank (NDB) met Chief Minister Y S Jagan Mohan Reddy at his Tadepalli residence here on Thursday.

NDB Vice-president N. Jong and Project Head Rajpurkar held a meeting with the Chief Minster and gave a green signal for the sanction of Rs.6,000 crore loan to the state.

The loan would be approved soon, the delegation members said.The amount would be used for social infrastructure projects. The loan would be repaid in 32 years, official sources said. Mr Reddy has sought more assistance from the NDB to enable the State to complete its prestigious projects including infrastructure development, building of schools, hospitals and supply of clean drinking water.

The NDB was set up in 2015 by the BRICS nations. The Shanghai-based eBank had lent over Rs.75,000 crore to various projectd till date all over the world and Rs.25,000 crore to India alone, the sources said. (UNI)