The multilateral lending agency Asian Development Bank will provide a $ 631 million loan for financing India's first coastal industrial corridor that would run from Visakhapatnam to Chennai.
The multilateral lending agency Asian Development Bank will provide a $ 631 million loan for financing India's first coastal industrial corridor that would run from Visakhapatnam to Chennai.
The loan will help develop the first 800-km section of the planned 2,500-km East Coast Economic corridor which would in turn spur development on country’s eastern coast and enable seamless trade links with other parts of South and Southeast Asia, Manoj Sharma, principal urban development specialist of ADB, said on Tuesday.
The project is estimated to cost $846 million, of which the remaining $215 million would come from the AP government. It would be ready by 2031.
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.
