Coastal corridor: ADB approves $631 mn. loan


Multilateral funding agency Asian Development Bank has approved $631 million for building India’s first coastal industrial corridor between Visakhapatnam and Chennai.

The fund will help develop the first key 800-km section of the planned 2,500-km East Coast Economic Corridor expected to spur development on India’s eastern coast and enable seamless trade links with other parts of South and Southeast Asia, said Manoj Sharma, Principal Urban Development Specialist of ADB.

The total cost of the project is $846 million and work on it is expected to be over by 2031. The remaining $215 million would be funded by the Andhra Pradesh government.

ADB’s loans and grants comprise a $500 million two-tranche facility to build key infrastructure and a $125 million two-tranche loan to help in industrial policies and business promotion.

“By combining state-of-the-art industrial clusters, efficient transport, and reliable water and power supplies with a skilled workforce and good business policies, we expect the Visakhapatnam-Chennai industrial corridor to become a favoured investment destination,” Mr. Sharma said...................Read more

 

Source: The Hindu


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