$625 mn for Vizag-Chen­nai In­dus­trial Cor­ri­dor

For the de­vel­op­ment of this cor­ri­dor, the Depart­ment of Eco­nomic Affairs has ap­proved $500 mil­lion un­der pro­ject loan and $125 mil­lion un­der the pol­icy loan com­po­nent.

Cargo Talk - - Port -

Af­ter vis­it­ing the state of Andhra Pradesh in Novem­ber 2015, the team from Asian De­vel­op­ment Bank (ADB) has be­gun loan ne­go­ti­a­tions for the de­vel­op­ment of the Viza­gChen­nai in­dus­trial cor­ri­dor. The pro­ject cost comes to around $840 mil­lion (about ` 5,600 crore). The Depart­ment of Eco­nomic Affairs has ap­proved $500 mil­lion un­der pro­ject loan and $125 mil­lion un­der the pol­icy loan com­po­nent. The Andhra Pradesh govern­ment will in­vest about $215 mil­lion un­der the pro­ject loan. Fi­nance Min­is­ter Yana­mala Ra­makr­ish­nudu said that the fund­ing is ex­pected by June 2016.

Un­der this pro­ject are in­cluded four road projects worth ` 1,220 crore to be taken up along with (` three power re­lated 1,243 crore) and four in­fra­struc­ture upgra­da­tion (`projects 906 crore). The Viza­gChen­nai cor­ri­dor touches nine dis­tricts with four ma­jor nodes at Visakha­p­at­nam, Kak­i­nada, Gan­navaram-Kankipadu (near the new cap­i­tal city of Amar­a­vati) and Yer­padu-Srikalhas­tri. Ac­cord­ing to the govern­ment, the state is keen to link one of the nodes to the pro­posed green­field cap­i­tal city of Amar­a­vati.

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