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Visakhapatnam-Chennai Industrial Corridor master plan on track, to enhance AP’s industrial growth

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.

 

vizag-chennai-industrial-corridorAsian Development Bank (ADB) has approved US $631 million, in loans and grants, for VCIC, comprising a Multi-tranche Financing Facility (MFF) as follows:

  • 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.

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