India Signs $375 MN Loan Pact with ADB for Industrial Corridor (Download PDF)

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India and Asian Development Bank (ADB) has signed $375 million pact for loans and grants to develop 800km Visakhapatnam-Chennai Industrial Corridor. It is first phase of a planned 2, 500km East Coast Economic Corridor. Earlier ADB had approved $631 million in loans and grants for industrial corridor.

India Signs $375 MN Loan Pact with ADB

India Signs $375 MN Loan Pact with ADB

India Signs $375 MN Loan Pact with ADB

Highlights

  • Loan comprises $500 million multi tranche facility to build key infrastructure in four main centers - Visakhapatnam, Kakinada, Amaravati, and Srikalahasti (Yerpedu) in Andhra Pradesh.
  • First tranche of $245 million will finance subprojects to develop high-quality internal infrastructure in 2 of 4 nodes of corridor at Visakhapatnam and Yerpedu, Srikalahasti.
  • It has $125 million policy-based loan that will be used for capacity development of institutions engaged in corridor management.
  • It will 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)

East Coast Economic Corridor and Proposed Industrial Nodes

East Coast Economic Corridor and Proposed Industrial Nodes

East Coast Economic Corridor and Proposed Industrial Nodes

  • ECEC is India’s first coastal economic corridor along eastern coast.
  • It stretches about 2, 500 kms from Kolkata (West Bengal) in north to Kanyakumari (Tamil Nadu) in south.
  • It will connect long eastern coastline and strategically located ports with multiple international gateways to connect India with global value chains (GVCs) in East and Southeast Asia.
  • It supports Make in India campaign, which aims to boost manufacturing by attracting foreign investment and facilitating establishment of manufacturing hubs.
  • ECEC also aligns with port-led industrialization under Sagarmala initiative and Act East Policy by linking domestic companies with vibrant global production networks of East and Southeast Asia.

- Published/Last Modified on: March 17, 2017

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