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.
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.