Y.S. Jagan Mohan Reddy, the Chief Minister of Andhra Pradesh (AP,) on the 6th of September, met En Jang, the Vice President of the New Development Bank, a leading international bank.
The meeting was conducted after a meeting with a representative of the New Development Bank on the 5th of September.
During the meeting with Mr. Jang, Y.S. Jagan Mohan Reddy approached the Bank for a loan of Rs. 6,000 crores for the development of Andhra Pradesh.
The meeting was held at the residence of Raj Purkar in Tadepalli, Andhra Pradesh. The Yuvajana Sramika Rythu Congress Party (YSRCP) Government decided to spend the money for the construction of various projects and also to improve the roads in the State.
According to the representative of the Bank, the amount will be repaid over 32 years.
With the sanctioned money, the State Government will also improve schools, colleges and drinking water supply.
However, an official announcement regarding the loan is yet to be made.
Stay tuned for further updates.