New Development Bank (NDB) will provide a loan of Rs 6,000 crore to Andhra Pradesh for various social infrastructure projects in the state.
"A delegation of New Development Bank (NDB) met Chief Minister YS Jagan Mohan Reddy at his Tadepalli residence. NDB Vice President N. Jong and Project Head Rajpurkar held a meeting with Chief Minister and gave a green signal for the sanction of Rs 6,000 crore loan," the Chief Minister's Officer (CMO) said in a statement on Thursday.
"The loan would be approved soon, the delegation members said. The amount will be used for social infrastructure projects. The loan will be repaid in 32 years," the statement informed.
The Chief Minister has sought more assistance from the NDB to enable the State to complete its projects including infrastructure development, building of schools, hospitals and supply of clean drinking water.
The New Development Bank was set up in 2015 by BRICS nations. The Shanghai-based Bank has lent over Rs 75,000 crore to various project till date all over the world and Rs 25,000 crores in India alone.