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New Development Bank (NDB) has decided to lend Rs 6,000 crores to Andhra Pradesh Government for various projects.
A delegation of NDB met Chief Minister YS Jagan Mohan Reddy at his Tadepalli residence on Thursday.
NDB Vice-President N Jong and Project Head Rajpurkar held a meeting with the Chief Minster and gave a green signal to sanction loan of Rs 6,000 crore. This would be approved soon, the delegation members said.
The amount will be used for social infrastructure projects and will be repaid in 32 years.
The Chief Minister 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 State has sought the bank to sanction an additional loan of Rs 25,000 crores for these projects.
The New Development Bank was set up in 2015 by BRICS nations. The Shanghai-based eBank has lent over Rs 75,000 crore to various projects till date all over the world and Rs 25,000 crores in India.
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