The New Development Bank (NDB) is ready to sanction a Rs 6,000 crore loan to Andhra Pradesh.
NDB Vice President N. Jong and Project Head Ninad Rajpurkar on Thursday met Chief Minister Y.S. Jagan Mohan Reddy here.
They informed the Chief Minister that the loan would be approved soon. The loan can be repaid in 32 years.
The amount will be used for social infrastructure projects, said a statement from the Chief Minister's Office.
Reddy sought more assistance from the NDB to enable the state to complete its prestigious projects including infrastructure development, the building of schools, hospitals and supply of clean drinking water.
The state sought the sanction of an additional Rs 25,000 crore for these projects.
The New Development Bank was set up in 2015 by the BRICS countries. The Shanghai-based bank has lent over Rs 75,000 crore to various projects so far all over the world. Out of this Rs 25,000 crore was sanctioned for India.