ADB to lend $375 m for Vizag corridor

Tribune News Service

New Delhi, February 24

The Asian Development Bank (ADB) will extend a loan of $375 million to develop Visakhapatnam-Chennai Industrial Corridor, which is the first phase of a planned 2,500-km-long East Coast Economic Corridor.

The ADB said the corridor is expected to spur development on India’s eastern coast in line with the government’s ‘Make in India’ policy to stimulate manufacturing, and Act-East policy to integrate the Indian economy with Asia’s dynamic global production networks.

LB Sondjaja, Deputy Country Director of ADB’s India Resident Mission, said, “We estimate that by 2025, annual industrial output along the corridor will increase four-fold to $64 billion from about $16 billion in 2015 if investment opportunities are maximised over the next few years.”