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Monday, August 20, 2018

ASIAN DEVELOPMENT BANK: ADB VP Affirms Support to Develop India's East Coast Economic Corridor

ADB Vice-President Mr. Wencai Zhang (left) with Andhra Pradesh Chief Minister Mr. Nara Chandrababu Naidu (right).

Asian Development Bank issued the following announcement on July 20.

Asian Development Bank (ADB) Vice-President Mr. Wencai Zhang today affirmed ADB’s continued support to develop the East Coast Economic Corridor (ECEC), that extends about 2,500 kilometers from Kolkata to Kanyakumari, and covers four states of Andhra Pradesh, Tamil Nadu, Odisha, and West Bengal.

“ADB is proud to be the lead partner with the Government of India in the ECEC—India’s first coastal corridor—as we work together to transform the region into a top investment destination through infrastructure planning, project implementation, investment, and policy support,” said Mr. Zhang after concluding a 2-day visit to Andhra Pradesh and Tamil Nadu. “We are encouraged by the strong ownership and commitment shown by the state governments for developing the corridor.”

ADB, in September 2016, approved $625 million in finance to develop the Vizag-Chennai Industrial Corridor (VCIC) in Andhra Pradesh and plans to invest another $1.5 billion to the connecting Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu. ADB’s country partnership strategy (CPS) (2018–2022) for India projects about $5 billion commitment for economic corridor development over the 5-year period. ECEC, with its long coastline and strategically located ports, will provide multiple international gateways to connect India with global production networks and to facilitate regional integration. During the visit, senior officials of Andhra Pradesh and Tamil Nadu briefed Mr. Zhang on the progress of project implementation in VCIC and CKIC.

In his meeting with Andhra Pradesh Chief Minister Mr. Nara Chandrababu Naidu in Amravati, Mr. Zhang affirmed ADB’s commitment to work with the state government to fast track the operationalization of the two industrial hubs at Vizag and Srikalahasti. The master plan for the two locations, prepared with ADB support, estimates an investment requirement of more than $2.8 billion over the next 5 years. Mr. Zhang also met with Andhra Pradesh Minister for Industries, Food Processing, Commerce, and Public Enterprises Mr. Amaranatha Reddy and Chief Secretary Mr. Dinesh Kumar.

In Chennai, Mr. Zhang met with Tamil Nadu Chief Secretary Ms. Girija Vaidyanathan, along with other senior officials, to discuss proposed CKIC projects in the urban, power, and road sectors. The master planning exercise to develop two priority centers in the corridor—Thoothukudi-Tirunelveli and Madurai-Virudhunagar-Dindigul-Theni—is expected to start soon.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environ.mentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 fro the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.

Original source can be found here.

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Asian Development Bank

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