India, ADB ink $375 million loan pact for Industrial Corridor

Posted by Daily Shipping Times on 27-02-2017        Tweet

NEW DELHI: India and ADB have signed USD 375 million pact for loans and grants to develop 800-km Visakhapatnam-Chennai Industrial Corridor, which is the first phase of a planned 2,500-km East Coast Economic Corridor.

ADB had last September approved USD 631 million in loans and grants for the industrial corridor.

The Asian Development Bank said in a statement that it approved loans comprising a USD 500 million multitranche 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 USD 245 million that was signed will finance subprojects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor -- Visakhapatnam and Yerpedu-Srikalahasti.