ADB Approves US$ 631 Million For VCIC

The master planning of two nodes of Visakhapatnam-Chennai Industrial Corridor (VCIC) is under way namely (i) Visakhapatnam and (ii) Yerpedu-Srikalahasti. This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Lok Sabha today. After completion of master planning, detailed preliminary engineering and approval of National Industrial Corridor Development and Implementation Trust (NICDIT) Government of India releases funds for projects for development of industrial corridors. Asian Development Bank (ADB) has approved US $631 million, in loans and grants, for VCIC, comprising a Multi-tranche Financing Facility as follows:

i.US $500 million two-tranche MFF to build key infrastructure

 

ii.US $125 million two-tranche Policy Based Loan (PBL) to support policy reforms and institutional development in the state

iii.US $5 million grant from the multi-donor Urban Climate Change Resilience Trust Fund (UCCRTF) to build climate change resilient infrastructure in Visakhapatnam

iv.US $1 million technical assistance to help the Andhra Pradesh Government implement policy reforms

Four nodes namely: Visakhapatnam, Kakinada, Kankipadu-Gannavaram and Yerpedu-Srikalahasti of Andhra Pradesh, have been identified for development in Vishakhapatnam-Chennai Industrial Corridor (VCIC) on the basis of Conceptual Development Plan (CDP) prepared by ADB.

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