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The Asian Development Bank (ADB) and the Government of India signed here USD 375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500 km long East Coast Economic Corridor (ECEC). The corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make in India policy to stimulate manufacturing, and Act East policy to integrate the Indian economy with Asia’s dynamic global production networks.
The signing event was held on February 23, 2017 followed the ADB approval of USD 631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor. ADB’s approved loans comprise a USD 500 million multi-tranche facility to build key infrastructure in the four main centers along the corridor Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti in the State of Andhra Pradesh.
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