Vizag-Chennai industrial corridor to get $625-million loan from ADB.

The Department of Economic Affairs has approved $500 million under project loan and $125 million under the policy loan component for the Vizag-Chennai Industrial Corridor. In addition, the Andhra Pradesh government will invest about $215 million under the project loan.

Together, the overall project cost works out to $840 million (about ₹5,600 crore). While a high-powered fact finding team from the ADB visited the state during November, once the loan negotiations are completed, the funding is expected by June 2016, according to the Finance Minister Yanamala Ramakrishnudu.

Answering questions in the State Legislative Assembly recently, he said the Japan International Cooperation Agency (JICA) has agreed in principle to support the Chennai-Bengaluru Industrial Corridor and the details of the funding pattern are being worked out by the Department of Industrial Policy & Promotion and JICA.

The Minister said the State government is in the process of implementing these two projects, which are at various stages of project funding approvals and detailed project report preparation.

HBL