After World Bank, China-led Development Bank Pulls Out from Funding Andhra Pradesh’s New Capital

Beijing: The Beijing-backed Asian Infrastructure Investment Bank has dropped plans to finance a new capital for Andhra Pradesh, after the World Bank pulled its support.

The construction of the city, known as Amaravati, is the brainchild of former chief minister Chandrababu Naidu, who lost power in elections in May.

“AIIB is no longer considering the Amaravati Sustainable Infrastructure and Institutional Development Project for funding,” spokeswoman Laurel Ostfield told Reuters in an emailed statement.