Visakhapatnam, Jan 11 (IANS): The Housing and Urban Development Corporation (Hudco) will extend a loan of Rs.7,500 crore for developing urban infrastructure in Andhra Pradesh's upcoming capital Amaravati.

Union Urban Development Minister M. Venkaiah Naidu announced this on Monday at the CII Partnership Summit in this coastal city.

The minister said Andhra Pradesh was an ideal destination for investment due to its excellent connectivity, abundant mineral resources and great entrepreneurial skills. He promised all assistance to the state in attracting investments.

"We are willing to do everything possible to encourage industrialisation and extend a helping hand not because he (Chief Minister Chandrababu Naidu) is an alliance partner but because he is a performer and reformer," he said.

Naidu described Andhra Pradesh as the second most happening state in India after Gujarat.

"Brand Hyderabad may have gone to Telangana but brand Chandrababu Naidu is with Andhra Pradesh to develop it as sunrise Andhra Pradesh," he said while hailing the chief minister as a visionary.

Union Minister of State for Finance Jayant Sinha said like California in the United State, Andhra Pradesh would emerge as the growth engine of India.

The minister lauded the state's initiatives relating to payment of social security pensions, public distribution and debt waiver for farmers. He said land pooling for Amaravati was a model worth emulating for the entire country.