Visakhapatnam-Chennai industrial corridor big boost for industry
The master planning of two nodes of Visakhapatnam-Chennai Industrial Corridor (VCIC) is under way. The two nodes are Visakhapatnam and Yerpedu-Srikalahasti.
In a written reply in the Lok Sabha today, Minister of State of Commerce and Industry CR Chaudhary, said that after completion of master planning, detailed preliminary engineering, and approval of National Industrial Corridor Development and Implementation Trust (NICDIT), the government has released funds for projects for development of industrial corridors.
Asian Development Bank (ADB) has approved $631 million in loans and grants for VCIC comprising a multi-tranche financing facility as follows:
- $500 million two-tranche MFF to build key infrastructure
- $125 million two-tranche Policy-Based Loan (PBL) to support policy reforms and institutional development in the state
- $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund (UCCRTF) to build climate change resilient infrastructure in Visakhapatnam
- $1 million technical assistance to help the Andhra Pradesh Government implement policy reforms
Four nodes including, 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 ADB.
