In a move that can speed up the construction of its new capital, Amaravati, the Andhra Pradesh government will enter into a Memorandum of Understanding with Singapore on Monday.
“This is a first-of-its-kind MoU between a State government and a foreign country,” Sreedhar Cherukuri, Commissioner, Andhra Pradesh Capital Region Development Authority, told BusinessLine here on Saturday.
The MoU will enhance cooperation between the Singapore government and Andhra Pradesh in the development of Amaravati masterplan.
“A high-level Joint Implementation Steering Committee (JSIC), co-chaired by the Andhra Pradesh Chief Minister and the Singapore Minister of Trade and Industry, will provide leadership and direction for the implementation of the MoU,” he added.
A joint implementation working committee comprising senior officials from both the governments will report to the JSIC.
Creating opportunities The MoU is also intended to create opportunities for Singapore entities to invest in the new capital and Andhra Pradesh, and contribute their expertise to the economic development of the State.
The State government had earlier accepted the Singapore Consortium’s proposal through a ‘Swiss Challenge’ method, for the master development of Amaravati.
Singapore-based Ascendas-Singbridge and Sembcorp Development had formed the consortium for the capital construction.
The new capital city’s infrastructure will be developed in 7-8 years in phases, at an estimated cost of ₹33,000 crore.
Financial tie-ups Cherukuri said: “We have completed financial tie-ups for ₹15,000 crore with assistance —
₹7,500 crore from Hudco, $500 million from the World Bank and ₹2,500 crore from the Centre, of which ₹1,500 crore has already been granted.” .
Asked about the progress of the new capital project, the official said that about 45 per cent of the work has been completed.
“We have completed 95 per cent of land acquisition, readied master plans and city plan, handed over 60,000 plots to 27,000 farmers,” among others, the official said.