$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.
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.