VISAKHAPATNAM: The Asian Development Bank (ADB) has approved $631 million in loans and grants for infrastructure development along the Vizag-Chennai Industrial Corridor (VCIC) on Tuesday.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 with industrial policies and business promotion, said a release by ADB. There will also be a $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure and a $1 million technical assistance to help the Andhra Pradesh local government manage the corridor. The Indian government will provide extra funding of $215 million to the $846 million project, ADB said.The new infrastructure will be built in the four main centers along the corridor - Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti - as well as in nearby industrial areas. The East Coast Economic Corridor will ultimately extend from Kolkata in West Bengal in the northeast of India to Tuticorin in Tamil Nadu near the southern-most point of the country, ADB said.The program will also focus on increasing women's participation in the industrial workforce. Skill training for 25,000 male and female workers, entrepreneurs, and students along with an investor promotion plan is expected to help develop businesses along the corridor.

Source: Times of India September 20, 2016 17:26 UTC