Power Finance Corporation has sanctioned a loan of Rs 3,940 crore for the construction of the Machilipatnam greenfield seaport, Lok Sabha MP V Balashowri said on Saturday.
The loan sanction letter has been sent to Machilipatnam Port Development Corporation Ltd, the MP told reporters here.
The estimated cost of the Machilipatnam port is Rs 5,253.89 crore. Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy will lay the foundation of Machilipatnam port works on December 21, he added.
He said that the authorities have started work for acquiring land for the construction of road-cum-rail connectivity for Machilipatnam port.
