The Andhra Pradesh finance department, Housing and Urban Development Corporation Limited (HUDCO) and Bhogapuram International Airport Company Limited (BIACL) have entered into a formal agreement for the development of the Bhogapuram international greenfield airport project. The Andhra Pradesh government will stand as guarantor for a loan of Rs 6.5 billion to be provided by HUDCO. The loan has a repayment period of 17 years with a moratorium of three years and will be utilised for the acquisition of 2,400 acres of land for the project. The funds will be released by HUDCO by mid-June 2016. Upon acquisition of the entire land required for the project, BIACL will invite international bids for construction of the airport.
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