July 23, 2019 / 8:10 AM / a month ago

China-led development bank joins World Bank in pulling funds for new Indian state capital

FILE PHOTO: The signboard of Asian Infrastructure Investment Bank (AIIB) is seen at its headquarter building in Beijing January 17, 2016.REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) - The Beijing-backed Asian Infrastructure Investment Bank has dropped plans to finance a new capital for the Indian state of Andhra Pradesh, after the World Bank pulled its support on Friday.

The construction of the city, known as Amaravati, is the brainchild of the state’s former chief minister, N. 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.

The World Bank withdraw its funding after India’s central government dropped its support for the project.

Reporting by Yawen Chen, writing by Alasdair Pal; Editing by Sanjeev Miglani & Kim Coghill

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