The Andhra Pradesh government has sought loose `multi-sectoral advance between Rs 2,000 crore and Rs 3,000 crore from the World Bank to pursue developmental projects outside of Bank-guided programmes.
ChiefMinister N Chandrababu Naidu, along with senior government officials, yesterday discussed with World Bank managing director Gautam Kaji issues pertaining to the Rs 10,000 crore line of credit the state had earlier requested for. Naidu said Tuesdays meeting finalised two proposals - a Rs 1,450 crore credit under AP-III projects and Rs 800 crore for hazard mitigation - a formal approval of which has been sought from World Banks board.
A proposal to press for a credit of Rs 1,225 crore to build highways will be finalised soon. The state had earleir asked for a $ 1 billion credit for fiscal restructuring and recast of the electricity board.
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It sought World Bank funds for optimum utilisation of the states irrigation facilities and expansion of irrigation projects. About 21,00,000 hectares of land is yet to receive the funds.
Naidu said if the World Bank clears all the states proposals, Andhra Pradesh may have the fastest growth rate by the turn of the century.
He said he had assured the World Bank officials that the effects of poor economy management by the last government would stabilise by end of this fiscal and the state will reach the take off stage by April 1999.