HYDERABAD: Singapore signed a memorandum of understanding (MoU) with Andhra Pradesh to prepare a master plan and develop a world-class capital city of Andhra Pradesh.
The master plan will be ready in six months and after that a detailed action plan will be worked out, announced chief minister N Chandrababu Naidu after a meeting with S Iswaran, minister in the Singapore prime minister's office.
"We have decided to work with the government of Andhra Pradesh on this project of master planning and development of capital city," said Iswaran, who is also the city state's second minister for home affairs, trade and industry.
The MoU was signed by senior officials of the two governments in the presence of Naidu and Iswaran.
The two governments decided to constitute a joint committee to implement the MoU and to sort out any issues.
Naidu said the government of Singapore and various agencies and organizations will partner in the prestigious project. He said Singapore companies will also join in developing the capital city.
"I necessary will create special purpose vehicles (SPVs) with them. We will mobilise required equity and give them land and other facilities," the chief minister said.
Naidu said he would like to see the first phase of the capital city completed before the next elections (2019). The government has already decided to build the state capital between Vijayawada and Guntur.
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