India and ADB ink pact for East Coast Economic Corridor

India and Asian Development Bank have signed USD 375 million pact for loans and grants to develop 800—km Visakhapatnam—Chennai Industrial Corridor, which is the first phase of a planned 2,500-km East Coast Economic Corridor. ADB had last September approved USD 631 million in loans and grants for the industrial corridor.

The ADB said in a statement that it approved loans comprising a USD 500 million multitranche facility to build key infrastructure in the four main centers along the corridor — Visakhapatnam, Kakinada, Amaravati, and Yerpedu—Srikalahasti in Andhra Pradesh.

The first tranche of USD 245 million that was signed will finance subprojects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor — Visakhapatnam and Yerpedu—Srikalahasti.

Manila based ADB, established in 1966, is owned by 67 members — 48 from the Asian region.