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Amaravati Bonds For Andhra’s New Capital Listed in BSE Today, One Problem Remains

The Andhra Pradesh Capital Region Development Authority is expected to raise Rs 2000 crore by issuing 'Amaravati Bonds' by the end of October for the construction of the state capital, Amaravati

News18.com

Updated:August 27, 2018, 11:21 AM IST
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Amaravati Bonds For Andhra’s New Capital Listed in BSE Today, One Problem Remains
Andhra Pradesh CM Chandrababu Naidu on Monday rang the opening bell to mark the listing ceremony of 'Amaravati Bond 2018' at BSE. (Source: Twitter)
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New Delhi: Andhra Pradesh CM Chandrababu Naidu on Monday rang the opening bell to mark the listing ceremony of 'Amaravati Bond 2018' at BSE.

The Andhra Pradesh Capital Region Development Authority is expected to raise Rs 2000 crore by issuing 'Amaravati Bonds' by the end of October for the construction of the state capital, Amaravati.

The necessary credit rating for the proposed bonds was fixed on May 22 and the Andhra Pradesh government clearance was finalised on May 23.

The money raised through the bonds would be utilised for infrastructure development in the capital city. The Chief Minister had earlier directed the CRDA to issue special bonds for non-resident Indians.

Chandrababu had said an exclusive organisation would be set up to streamline fund flow for the capital as many people were donating money for Amaravati. Noting that an additional 50,000 people would start living in the capital by the end of this year, the CM said at least 12,000 houses would be required for them. He has asked the CRDA to expedite establishment of hotels, malls, educational institutes, hospitals and other facilities for the new population.

Meanwhile, the CRDA said it would organise a real-estate developers' conclave in the capital region in June that would see the participation of reputed realtors from India and abroad. Amaravati Development Corporation Chairperson D Lakshmi Parthasarathy and other senior officials attended the review meeting.

The bonds issued by the CRDA of Andhra Pradesh had earlier got oversubscribed by 1.5 times on the electronic bidding platform of the BSE.

However, the only contention that can hamper the capital construction is a panel of the World Bank, whose help has been sought for constructing select infrastructure in Andhra Pradesh's proposed capital Amaravati. The panel will decide by October whether it will probe the allegation by locals of possible threat to livelihood and environment from the projects.

According to a World Bank official, the Centre and Andhra Pradesh government have requested the Bank to finance select infrastructure works in Amaravati, the proposed new capital city of the state.

The World Bank is to extend a loan of USD 300 million for the capital project, that is to be co-financed by a USD 200 million loan from Asian Infrastructure Investment Bank (AIIB).

Some residents in the vicinity of the proposed city had written to the panel on May 25 2017, alleging harm related to their livelihood, environment, food security, and resettlement "due to the World Bank's non-compliance with its environmental and social standards in preparation of the proposed project."

The capital construction requires roughly Rs 48,000 crores in the first phase.

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| Edited by: Zoya Mateen
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