ADB to loan $631 mn to first coastal corridor

The loan includes $500 mn for financing infrastructure and a $125 million component to help policy interventions by the government

ADB pumps $175 million in Mytrah Energy

Asian Development Bank (ADB) has approved a $631-million loan to the proposed Vishakhapatnam-Chennai industrial corridor (VCIC), the first coastal one in the country. On Tuesday, the Manila-Based regional development financing bank approved the loan which will help develop infrastructural amenities and industrial capabilities in and around major cities in Andhra Pradesh such as Vishakhapatnam, Kakinada and the proposed state Capital of Amravati. While the VCIC is aimed at promoting export-oriented manufacturing in the region, it also aims to leverage port infrastructure to evacuate ...