It is raining bad news for Andhra Pradesh. Not even a week after World Bank dropping the loan for Amaravati, another Bank, Asian Infrastructure Development Bank has also dropped its 200 Million Dollars Loan. In around one week, Andhra Pradesh Government has lost around 350 Million Dollars funding.
The bad news is far from over. The Export-Import Bank of Korea (KEXIM) has conveyed their inability to extend the financial assistance to the tune of 8300 Crore for the proposed Metro Rail project in Vishakapatnam. The center was supposed to fund this project along with Vijayawada Metro according to the Andhra Pradesh Reorganization Act.
The Modi Government put it in the backburner in the name of policy changes. The Opposition TDP Party accuses that this situation indicates the lack of confidence of the investors on Jagan’s Government while the Ruling party claims scams in the previous Regime. As of now, there is no evidence to substantiate such claims.
However Jagan’s Government is not much worried about these developments since Amaravati is not at all in the priority list for now. And also the focus is on implementation of the Welfare Schemes than taking up any infrastructure projects like Metro. On the other side, people will only hope there is an end to these bad news.
