The Andhra Pradesh Mineral Development Corporation (APMDC) has released a loan of Rs 200 crore to the Machilipatnam Urban Development Authority (MUDA), Law, Sports and Youth Welfare Minister K Ravindra said Thursday.
Addressing a press conference here, the minister said MUDA is engaged in obtaining Rs 1,092 crore credit from any public bank to speed up the gathering of the estimated 1,200 acres of land for the proposed Machilipatnam Deep Sea Port.
On September 26, Andhra Pradesh Chief Minister N Chandrababu Naidu has directed the APMDC authorities to grant the Rs 200-crore loan to MUDA, Ravindra added.
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