Asian Development Bank on Tuesday approved $631 million for developing the 800-km industrial corridor between Visakhapatnam and Chennai, a part of the East Coast Economic Corridor. ADB expects to start disbursement of the loans in the January-March quarter of 2017. ADB’s loans and grants include 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 in the four main centers of Andhra Pradesh along the corridor—Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti. 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.

Source: Mint September 20, 2016 19:52 UTC