New Delhi, Dec 20 || The World Bank's Board of Executive Directors has approved the $800 million Amaravati Integrated Urban Development Programme, aimed to establish the city as a well-managed, climate-resilient growth centre in Andhra Pradesh that generates jobs and improves the lives of its current and future residents.
"With its urban population expected to double to 950 million by 2050, India aims to build sustainable and liveable cities as growth hubs, and Amaravati offers an exciting opportunity to model this urban transformation," said Auguste Tano Kouame, the World Bank's Country Director for India.
"The World Bank will bring global expertise to support the design of city institutions and infrastructure that can create economic opportunities for residents, including women, youth and vulnerable groups."
Currently, about 1,00,000 people live in the Amaravati area, with the population expected to grow severalfold over the next decade. The government has prepared a master plan for a 217 sq km area that can accommodate 3.5 million people by 2050. The World Bank and the Asian Development Bank are supporting the first phase of the city's development.
"The Bank financing will also catalyse more than $600 million in private sector investment to help the city become financially sustainable and provide economic opportunities for its residents,” according to a World Bank statement.