New Delhi, Dec 12 (PTI) Manila-based Asian Development Bank (ADB) has approved a USD 788.8-million (about Rs 6,620 crore) results-based loan to Andhra Pradesh for the development of Amaravati as a green and smart capital city that offers world-class infrastructure.

The loan will be provided in Japanese yen with a total value of 121.97 billion, ADB said in a statement on Thursday.

Also Read | RRB JE Exam 2024 Admit Card Out at rrbapply.gov.in: Hall Ticket for 7,951 Junior Engineer Posts CBT 1 Examination Released, Know Steps To Download.

The Amaravati Inclusive and Sustainable Capital City Development Program is designed to transform Amaravati into a growth hub for the region, enhancing economic prospects, providing job opportunities, and improving living conditions of the residents, it said.

Public investments will focus on key infrastructure development, including trunk infrastructure, government complex, and neighbourhood infrastructure benefiting farmers who are the stakeholders under the land pooling schemes, it said.

Also Read | What Is Mahila Samman Yojana, Announced by Arvind Kejriwal? Know Everything Including Eligibility, Benefits and How to Apply.

The program will be supported in collaboration with other multilateral development banks (MDBs) to ensure timely and high-quality delivery of infrastructure and services, it said.

"ADB and other MDBs will bring global expertise and technical support to the Government of Andhra Pradesh, laying the groundwork for a dynamic, sustainable, and vibrant capital city. Our collaboration will span climate-resilient urban planning, establishing governance and institutional frameworks, and social inclusion," said ADB Country Director for India Mio Oka.

"We believe that Amaravati will become a replicable model for not only developing greenfield cities but also for systematic and orderly transformation of peri-urban areas of existing cities throughout the country," she said.

The program will improve access to infrastructure and green spaces, water and sanitation services, low-carbon transport infrastructure, and improve drainage systems to mitigate flood risks, it said.

The program aims to support the government in bringing anchor investors, generate private investment, and create new jobs benefiting women and youth, the ADB added.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)