DEA approves funding for Visakhapatnam-Chennai Industrial Corridor

The Department of Economic Affairs (DEA) under the Ministry of Finance (MoF) has approved a sum of Rs 33.1 billion as a project loan and Rs 8.28 billion as the policy loan component for the Visakhapatnam-Chennai Industrial Corridor Project Phase I. Meanwhile, the Andhra Pradesh government will provide an amount of Rs 14.23 billion for the project. Currently, the loan negotiations are in progress with the Asian Development Bank for the project. The funding is expected by June 2016 once the negotiations are completed. The project involves development of five industrial zones in Visakhapatnam, Kakinada, Machilipatnam, Anantapur and Yerpedu-Srikalahasti in Andhra Pradesh with an investment of Rs 1,000 billion. The project will be developed on a PPP model with participation from both the central and state governments.

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