India Signs $375 Mn Loan Pact with ADB for Industrial Corridor

Posted on:25 Feb 2017 09:31:06
India Signs $375 Mn Loan Pact with ADB for Industrial Corridor
25 February 2017 Current Affairs: The Government of India and the Asian Development Bank (ADB) signed a 375-million-dollar loans and grants on February 23, 2017 in New Delhi to develop 800-km Visakhapatnam-Chennai Industrial Corridor.

The project is the first phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC) having total cost of 846 million dollars.

The MoU was signed between LB Sondjaja, Deputy Country Director of ADB’s India Resident Mission on behalf of ADB and Raj Kumar, Joint Secretary (Multilateral Institutions), in the Ministry of Finance, on behalf of Government of India.

The Corridor will enhance development in eastern coast in line with the government’s ‘Make in India’ policy to boost manufacturing by attracting foreign investment and facilitating the establishment of manufacturing hubs

The project involves creation of efficient transport and reliable water and power supplies in the industrial clusters, skilled workforce with industry-friendly policies to improve ease of doing business for integration of local economy with global production networks.

Besides, an agreement was also signed for a five million dollars grant from the multi-donor Urban Climate Change Resilience Trust Fund that is managed by ADB to build climate change resilient infrastructure.

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