ADB to extend loan of Rs.4,200 for Chennai-Visakhapatnam corridor

Wednesday, July 13, 2016
New Delhi/Vijayawada

The Union Government has announced that the Asian Development Bank (ADB) has come forward to extended a loan of Rs.4,200 crore for Visakhapatnam-Chennai industrial corridor.

The loan will be disbursed in two phases with Rs.2,100 crore in each phase said Union Minister M.Venkaiah Naidu. With this, Industrial growth and job opportunities will be increased form Srikakulam to Nellore and Chittoor. The Union Government will stand as security for the loan. Sources said that 30 per cent of the loan amount would be borne by the State Government. It is targeted that the corridor would be completed by 2019 in the first phase and by 2022 in the second phase. Industrial zones would be established as part of the project between Visakhapatnam-Kakinada, Gannavaram-Kankipadu, Erpadu and Srikalahasti.

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