[Urbanstudy] AP to ink MoU with Singapore for new capital at Amaravati

Vinay Baindur yanivbin at gmail.com
Sat May 13 11:50:35 CDT 2017


http://www.thehindubusinessline.com/news/national/ap-to-ink-mou-with-
singapore-for-new-capital-at-amaravati/article9697352.ece

AP to ink MoU with Singapore for new capital at AmaravatiG NAGA SRIDHAR

[image: Models of the capital city Amaravati Ch Vijaya Bhaskar]
Models of the capital city Amaravati Ch Vijaya Bhaskar
HYDERABAD, MAY 13:

In a move that can speed up construction of its new capital, Amaravati,
Andhra Pradesh Government will enter into a Memorandum of Understanding
(MoU) with Republic of Singapore on Monday.

``This is first of its kind MoU being entered into by a state government
with a foreign country,’’ Sreedhar Cherukuri, Commissioner, Andhra Pradesh
Capital Region Development Authority (APCRDA), told *Business Line *here on
Saturday.

The MoU will enhance cooperation between Singapore Govt and state
government in master development of the start up area in Amaravati city.

“A high level Joint Implementation Steering Committee, co-chaired by Chief
Minister of Andhra Pradesh and Singapore Minister of Trade and Industry
will provide leadership and direction for the implementation of the MoU,’’
the official said.

In addition, there will also be a joint implementation working committee
comprising senior officials from both the governments which will report to
JSIC.

The MoU is also intended to create opportunities for Singapore entities to
invest in the new capital and Andhra Pradesh and contribute their expertise
in the economic development.

The state government had earlier accepted the Singapore Consortium proposal
on `Swiss Challenge’ mode for development of start-ups of seed capital area
of Amaravati.

The Singapore based Ascendas-Singbridge, Sembcorp Development Ltd., formed
into a consortium for the seed capital seed capital construction.

The estimated cost of the new capital city infrastructure has been pegged at
 Rs. 33,000 crore which will be developed in seven to eight years in phases.

```We have completed financial tie-ups for Rs. 15,000 crore with assistance
from HUDCO, World Bank and Government of India,’’ Cherukuri said.

This includes Rs. 7,500 crore from Hudco, $500 million from the World Bank
and Rs. 2,500 crore from the Government of India.

While Rs. 1500 crore has already been granted by the Centre, it is expected
to release another Rs. 1,000 crore shortly.

Asked on the progress of the new capital project, the official said about
45 per cent of the work has been completed.

``We have completed 95 per cent of the land acquisition, readied master
plans and city plan, handed over 60,000 plots to 27,000 farmers,’’ among
others, the official said.
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