Asian Development Bank gives Rs 3,500 crore fund for Visakhapatnam-Chennai industrial corridor


Visakhapatnam-Chennai industrial corridor (VCIC) is all set to get a funding of Rs 3,500 crores from the Asian Development Bank (ADB). A delegation from ADB met Chief Minister N Chandrababu Naidu earlier this week at Vijayawada and agreed to extend funding for this industrial corridor.

They also assured him that the project would start soon and will be completed in time. The delegation requested Mr Naidu to appoint a project management unit for them to cor-ordinate with various departments and to get required permissions from them. Energy Principal Secretary Ajai Jain, CM’s principal secretary Sai Prasad, Economic Development Board CEO J Krishna Kishore and the delegation were took part in it.

ADB country director M Teresa Kho has revealed his interest to extend loans for the development of rural raods, drinking water, interlinking of ports, transportation, power and urban planning in Andhra Pradesh, besides this industrial corridor.

Referring to Sri City, Mr Naidu asked the delegation to use best practices for this industrial corridor. He apprised the team that the Economic Development Board was studying the sectors where investments were possible and making a report about them.