Post Date : 27/02/2017
India and Asian Development Bank (ADB) has signed $375 million pact for loans and grants to develop 800 km Visakhapatnam-Chennai Industrial Corridor. It is the first phase of a planned 2,500-km East Coast Economic Corridor. Earlier in September 2016, ADB had approved $631 million in loans and grants for the industrial corridor.
The loans comprises $500 million multitranche facility to build key infrastructure in the four main centres along the corridor — Visakhapatnam, Kakinada, Amaravati, and Srikalahasti (Yerpedu) in Andhra Pradesh. The first tranche of $245 million will finance subprojects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor — Visakhapatnam and Yerpedu—Srikalahasti. It also has $125 million policy-based loan that will be used for capacity development of institutions engaged in corridor management. It will also provide support to enhance ease of doing business and for supporting industrial and sector policies to stimulate industrial development.
About East Coast Economic Corridor (ECEC) ECEC is India’s first coastal economic corridor along eastern coast. It stretches about 2,500 kms from Kolkata (West Bengal) in the north to Kanyakumari (Tamil Nadu) in the south. It will connect long eastern coastline and strategically located ports with the multiple international gateways to connect India with global value chains (GVCs) in East and Southeast Asia. It supports Union Government’s flagship Make in India campaign, which aims to boost manufacturing by attracting foreign investment and facilitating the establishment of manufacturing hubs.
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