Monday, 5 December 2016

Visakhapatnam-Chennai Industrial Corridor

Government of India gave its concurrence for engaging Asian Development Bank (ADB) for carrying out feasibility study and preparing Conceptual Development Plan for the proposed development of Visakhapatnam-Chennai Industrial Corridor (VCIC) in May, 2014. ADB completed preparation of Conceptual Development Plan and submitted the same during December, 2014.
The project was approved by ADB Board in September, 2016. Quantum of funds to be released by ADB for the project is as follows:
(i) Multi-tranche Financing Facility: USD 500 Million.
(ii) Policy Based Loan: USD 125 Million
(iii) Urban Climate Change Resilience Fund under the Urban Financing Partnership Facility USD 5 Million.
This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.


Courtesy: pib.nic.in
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