Asian Development Bank has approved $631 million for building India’s first coastal industrial corridor between Visakhapatnam and Chennai.
The fund will help develop the first key 800-km section of the planned 2,500-km East Coast Economic Corridor expected to spur development on India’s eastern coast and enable seamless trade links with other parts of South and Southeast Asia.
The total cost of the project is $846 million and work on it is expected to be over by 2031. The remaining $215 million would be funded by the Andhra Pradesh government.
ADB’s loans and grants comprise a $500 million two-tranche facility to build key infrastructure and a $125 million two-tranche loan to help in industrial policies and business promotion.
By 2025, annual industrial output along the corridor will increase fourfold to $64 billion from about $16 billion in 2015 if investment opportunities are maximized over the coming 10 years.
The Centre is keen to encourage manufacturing to create jobs for a labour force that is growing by about 12 million each year.
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