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ADB clears $631-million funding for coastal corridor

The Asian Development Bank on Tuesday approved $631-million assistance to India’s first coastal industrial corridor between Visakhapatnam and Chennai.

By: | New Delhi | Published: September 21, 2016 6:29 AM

The Asian Development Bank (ADB) on Tuesday approved $631-million assistance to India’s first coastal industrial corridor between Visakhapatnam and Chennai. The assistance, mainly loans, would help develop the 800-km section of the planned 2,500-km East Coast Economic Corridor (ECEC), and is expected to spur development on India’s eastern coast and enable seamless trade links with other parts of South and Southeast Asia.

The total cost of the approved project is $846 million and work on it is expected to be over by 2031. The remaining $215 million would be funded by the Andhra Pradesh government. 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.

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