After World Bank, China-led development bank pulls out of Amaravati project

Economy


The Beijing-backed Asian Infrastructure Investment Bank has dropped plans to finance a new capital for the Indian state of Andhra Pradesh, after the World Bank pulled its support on Friday.

The construction of the city, known as Amaravati, is the brainchild of the state’s former chief minister, N. Chandrababu Naidu, who lost power in elections in May.

“AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding,” spokeswoman Laurel Ostfield told Reuters in an emailed statement.

Loading...



Source link

Articles You May Like

Zoom, Nikola, FireEye, Intuit & more
Asia is leading the way in travel recovery: Booking Holdings’ Agoda
Coronavirus cases on college campuses spike, linked to parties
This woman is working 5 jobs to stay afloat. It’s still not enough
Former Chewy CEO Ryan Cohen urges GameStop to become the Amazon of video games

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...