China-backed bank drops USD 200m loan for Amaravati
Image Credit: shortpedia
Beijing-backed Asian Infrastructure Investment Bank (AIIB) has dropped plans to offer a USD 200m loan for the new capital for Andhra Pradesh after World Bank pulled its support on Friday. The construction of the city, called as Amaravati, is the brainchild of the state’s former CM N. Chandrababu Naidu who lost power in elections in May. AIIB and World Bank were together supposed to finance more than USD 700 million.