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VIJAYAWADA: National Bank for Agriculture and Rural Development (Nabard) has given a loan of 1,003 crore to the government to take up infrastructure projects in the state.
The bank cleared the proposal at its recent meeting and has communicated the same to the government.
The state government would be spending 861 crore on internal roads and 197 crore on infrastructure development. The government would receive 446 crore in 2024-25 and 669 crore in 2025-26 financial year. The fund would be given to panchayat raj department for execution of works under the project.
Meanwhile, the state government is planning to develop internal loans to the tune of 1,072.93 crore through AP marketing infrastructure development project. The funds would be spent through the agriculture market committees to laying 11,088 kilometres of roads in the state.
The government has already issued administrative approval for the works.
The government proposed to take up repairs of internal roads to the extent of 9,123 kilometres.
It has also proposed construction of market yard buildings at a cost of 527 crore. All these works are to be completed in the next two financial years starting from 2024-25. The government earned 648 crore through cess on paddy sales in the market yards in 2021-22, and 708 crore in 2022-23 financial years. The government has also got 400 crore in 2023-24 till October 2023. The funds would be added to the Nabard loan to take up these works.
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