India,ADB signs $375m pact for Visakhapatnam-Chennai corridor
India and Asian Development Bank (ADB) has signed $375 M
pact for loans and grants to develop Vishakapatnam-Chennai Industrial Corridor.
It is the first phase of planned 2500 km East Coast
Economic Corridor ADB(Asian Development Bank) has approved $631 M loans and
grants for the industrial corridor last September. It approved loans comprising a $500 million multi-tranche facility to build
key infrastructure in the four main centers along the corridor — Visakhapatnam,
Kakinada, Amaravati, and Yerpedu-Srikalahasti in Andhra Pradesh
The first tranche of $245 million that was signed
will finance sub projects to develop high-quality internal infrastructure in 2
of the 4 nodes of the corridor — Visakhapatnam and Yerpedu-Srikalahasti.
Another $125 m loan is used for capacity development
of institutions engaged in corridor management; provide support to enhance ease
of doing business and for supporting industrial and sector policies to
stimulate industrial development.
About ADB
Asian
Development Bank(ADB) is a regional developing bank formed in 19th December
1966, with the aim to eradicate poverty from Asia and Pacific region. Its headquarters
is in Manila , Philippines with 29 resident missions and 3 representative
offices in Tokyo, Frankfurt, and Washington, DC. The main purpose is
social and economic development. It has 67 countries as members.
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