The Minister of State of Commerce and Industry, C. R. Chaudhary, recently sated that the master planning of two nodes of Visakhapatnam-Chennai Industrial Corridor (VCIC) is under way namely (i) Visakhapatnam and (ii) Yerpedu-Srikalahasti.
- US $500 million two-tranche MFF to build key infrastructure
- US $125 million two-tranche Policy Based Loan (PBL) to support policy reforms and institutional development in the state
- US $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund (UCCRTF) to build climate change resilient infrastructure in Visakhapatnam
- US $1 million technical assistance to help the Andhra Pradesh Government implement policy reforms
Four nodes namely: Visakhapatnam, Kakinada, Kankipadu-Gannavaram and Yerpedu-Srikalahasti of Andhra Pradesh, have been identified for development in Vishakhapatnam-Chennai Industrial Corridor (VCIC) on the basis of Conceptual Development Plan (CDP) prepared by Asian Development Bank (ADB).
According to ADB sources, the Visakhapatnam-Chennai Industrial Corridor Development Program (VCICDP) will complement the ongoing efforts of the Government of Andhra Pradesh (GoAP) to enhance industrial growth and create high quality jobs. The VCICDP comprises a multitranche financing facility (MFF), a grant, and a policy-based loan (PBL). The MFF and the grant will support priority infrastructure investments in the Visakhapatnam-Chennai Industrial Corridor and the PBL will support policy reforms and institutional development in the state.