ADB to help AP set up industrial zones with $ 2.5-billion outlay

Project will include developing five industrial zones as part of the Visakhapatnam-Chennai industrial corridor

In a major boost to the Andhra Pradesh, Asian Development Bank (ADB) has said that it would set up industrial zones in the state within the next six months.

After meeting Andhra Pradesh chief minister N Chandrababu Naidu at his Secretariat office on Tuesday, ADB's country director Hun Kim said that the bank would help the state government establish industrial zones with a cost of $2.5 billion.

ADB would appoint a special officer to monitor the progress of the project, which includes developing five industrial zones as part of the Visakhapatnam-Chennai industrial corridor. These zones would come up in Visakhapatnam, Kakinada, Machilipatnam, Anantapur and Erpedu-Srikalahasti.

In a Kim assured Naidu that ADB would help the state government attract investors from China, Japan, South Korea and European countries. As part of the ADB-AP partnership, the bank would also enable companies and investors from these countries to support the government in industrial development, according to a press release.