Several PA projects are funded by them, says Mekapati
The government of Andhra Pradesh recently reached an agreement with the New Development Bank (NDB) for two road projects worth $ 646 million.
The government is implementing the World Bank (WB) funded Rejuvenating Watersheds for Agriculture Resilience through Innovative Development (REWARD) project in five districts of the arid region of Rayalaseema and the tribal belt of the district of Visakhapatnam over the next six years.
The Visakhapatnam-Chennai Industrial Corridor Development Project included a grant and policy-based loan amounting to $ 630 million, and the government was working with the WB to improve the quality and responsiveness of public health services in the area. state, Industry Minister Mekapati Goutham said. Reddy.
Participating in a virtual conference on “Business Opportunities with Largest Funding Sources” jointly organized by the PA and Telangana Chamber of Commerce and Industry Federations on Friday, Mr. Goutham Reddy said that Multilateral banks played a crucial role in the fight against poverty, supporting economic growth and ensuring lasting gains in terms of the quality of life of people in developing countries.
He said India’s partnership with multilateral banks has enabled him to leverage their analytical, financial and human resources for the benefit of the country.
The Minister pointed out that India’s engagement with the World Bank began in 1948 with the financing of the agricultural machinery project.
The WB’s loan portfolio consists of 105 operations with $ 27.10 billion in commitments, with the transport, water, energy, and information and communications technology sectors accounting for a share. important loans.
Mr. Goutham Reddy said that India started receiving assistance from the Asian Development Bank (ADB) in 1986, after which it committed 239 sovereign loans totaling $ 42.26 billion. Cumulated loan and grant disbursements to India amounted to $ 31.79 billion.
In 2019, the AfDB committed a record loan of $ 3.18 billion for 10 projects in the sectors of infrastructure, transport, energy, urban services and agriculture.
India became a founding member of the Asian Infrastructure Investment Bank (AIIB) in 2016 and holds the second largest stake after China. India received $ 4.35 billion from the AIIB, the highest of any country.
Mr Goutham Reddy said that AP is focusing on investing in physical infrastructure such as industrial corridors, industrial parks, ports and airports, coupled with intangible infrastructure such as educational institutions, healthcare health, skills development and capacity building.
Chief Secretary Aditya Nath Das, FAPCCI President CV Atchut Rao and FTCCI President I. Ramakanth attended.