The exit of World Bank from Amaravati project was a huge major setback for Andhra Pradesh and now the state received yet another jolt. China Investment Bank too pulled out of the project in a fresh development. This bank was supposed to invest $200 million.
The ruling YSRCP government is alleging that an insider-trading happened in the Amaravati project and so one by one bank are walking out. Earlier World Bank has suspected corruption in Amaravati project and so it proposed to send its experts team for an independent probe in the allegations. But the YSRCP government declined the World Bank's probe and so the latter dropped their investment plan.
China Investment bank was supposed to do a joint venture with the World Bank in Amaravati. A week after World Bank pulling out, China Investment Bank too gave a second thought and finally, they too quit the project.
TDP is worried that Amaravati's brand image is getting damaged because of reputed banks dropping their investment plan. YSRCP government has hit back at TDP that just because of the previous government's corruption, banks are not showing interest in putting their money.
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