AP Government will reportedly try to Re approach World Bank and Asian Infrastructure Investment Bank for Funds by next week for funding the state’s Amaravati capital city project.

Last month, both the multilateral funding agencies World Bank and AIIB which had pledged a combined support to develop sustainable infrastructure and institutional development for Amaravati – had withdrawn support worth $500 million, after receiving complaints from the working group of international financial institutions (WGonIFI) a collective of financial experts and civil societies, communities affected by the Amaravati Capital City Project and few other NGos who had demanded immediate scrapping of the unconstitutional Land Pooling Act, which violates the Rights to Fair Compensation and Transparency in land acquisition, Rehabilitation and Resettlement Act ,2013, passed by the center.

Un discouraged by the rejection, CM YS Jagan Mohan Reddy has already identified a core team for preparing a detailed project report, to reapply again as per the sources.

AP CM, YS Jagan had been facing an uphill task to build Amaravati with a cost of capital construction at Rs 48,115 crore, which might go up to Rs 58,000 crore in the next 20 years.

The move comes in the wake of acute financial crisis and mounting expenditure bills due to introduction of new schemes for various sections of the society by the AP Government.

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