ADB willing to increase investment to $5bn for East Coast Economic Corridor

Posted by Daily Shipping Times on 03-07-2017        Tweet

ADB President appreciated the Government reforms towards the GST implementation and termed them as historic

NEW DELHI: Smt. Nirmala Sitharaman met Takehiko Nakao, President, Asian Development Bank (ADB) and appreciated the Bank's efforts for infrastructure development in India.

She said that the Government would help the States to have the infrastructure projects funding.

The Minister discussed the progress in the Vizag-Chennai Industrial Corridor (VCIC). She further mentioned that the Northern Extension of the ECEC from Vizag to Odisha and West Bengal is important and ADB should accelerate the work thereon.

The Minister also mentioned that the Southern extension from Chennai to Kanyakumari should include extension up to Kollachal Port and even at Vizhinjam, as this would accrue several economic benefits to these areas. She urged that the implementation of the projects should be monitored closely and timelines should be adhered to.

The ADB President also discussed the progress made on the East Coast Economic Corridor (ECEC). Nakao appreciated the Government reforms towards the GST implementation and termed them as historic. Detailed discussions were held on various aspects of GST implementation.

Mr. Hun Kim, Director General, South Asia Department, ADB, mentioned that they are willing to increase the investment up to $5 billion over next five years for development along the ECEC.