Telangana CM seeks New Development Bank aid for urban projects

HYDERABAD: Telangana Chief Minister K Chandrashekhar Rao today sought the help of New Development Bank (NDB), set up by India and four other countries, in funding urban development projects in the newly created state.

Rao, who is on a 10-day tour of China, met NDB President K V Kamat, Vice-President Xian Zhu and asked for financial assistance from the Shanghai-headquartered lender to execute urban development schemes in Telangana, according to a press release issued by the state government here.

NDB (formerly BRICS Development Bank) is a multi- lateral lender set up by India and four other countries - Brazil, Russia, China and South Africa.

The Chief Minister is in China to seek investments into the State. He also addressed World Economic Forum in the Chinese city of Dalian yesterday.

"They (the bank) focus on infrastructure development in developing countries. The Chief Minister had a fruitful meeting (with Kamat and Xian Zhu) during which he sought their help in funding urban development projects, including waste to energy, irrigation etc. They positively responded," it said.

Earlier in the day, Rao and the delegation accompanying him reached Shanghai from Dalian.