AP to use $141-mn ADB loan for industrial infra
To develop industrial corridors in AP; This loan is 2nd tranche of ADB’s multi-tranche financing facility of $500 mn
Industrial infra plan
• Support infra in AP’s 3 industrial corridors
• Augmenting industrial infra for Vizag, Srikalahasti-Chittoor nodes
• Developing internal infra in Rambilli and Nakkapalli industrial cluster
• Expansion of industrial hubs of Atchutapuram, Nakkapalli
• Laying access road to Nakkapalli cluster
Using the ADB loan, AP aims accelerating industrial development and creating job opportunities, mainly high-quality employment. It comprises a multi-tranche financing facility in the form of grant, and a policy-based loan. While the grant is meant for priority infrastructure investments, the PBL will take care of policy reforms and institutional development
Visakhapatnam: The Andhra Pradesh government is gearing to implement an updated marketing option plan to invite investments and improve skill-sets among the BPL families as part of its resolve to develop industrial corridors across the State after the Asian Development Bank (ADB) and the Government of India’s recently inked a loan agreement of $141.12 million.
Going by the Hudhud experience, the cyclone which had devastated the infrastructure in Visakhapatnam in October 2014, it has been proposed to draw up disaster management plans for solid resilience by laying emphasis on green corridor models.
The present tranche of financial support by ADB will give a shot in the arm to Visakhapatnam-Chennai Industrial Corridor Development Program (VCICDP) for which land acquisition is almost completed. The financial support will be used for accelerating industrial development and creating job opportunities, mainly high-quality employment. It comprises a multi-tranche financing facility (MFF) in the form of grant, and a policy-based loan (PBL).
While the grant is meant for priority infrastructure investments, the PBL will take care of policy reforms and institutional development for creating the ecosystem to give a fillip to investments.
ADB inked the pact to support infrastructure in three industrial corridors coming up in Andhra Pradesh. This is the second tranche of a multi-tranche financing facility totalling $500 million, which it had pledged in 2016.
A senior government aide told Bizz Buzz that the loan will be used for augmenting industrial infrastructure like roads and water supply for Visakhapatnam and Srikalahasti-Chittoor nodes. It will lay thrust on manufacturing and development of internal infrastructure mainly in the Rambilli and Nakkapalli industrial cluster in undivided Visakhapatnam district in 661 hectares. The loan will also be used for widening industrial hubs of Atchutapuram and Nakkapalli and laying an access road to Nakkapalli cluster.
A blueprint has been drawn for creating internal infrastructure in the Chittoor-South industrial cluster spread over 938 hectares by improving the existing roads and laying access roads in Naidupeta industrial cluster.