ADB will give $ 141.12 million loan for the development of industrial corridor in Andhra Pradesh
Tags: State News
On 23 May 2023, the Asian Development Bank (ADB) and the Government of India signed a $141.12 million loan agreement for the development of an industrial corridor in Andhra Pradesh.
An Overview of the News:
- The agreement has been signed to support the development of high quality indoor infrastructure facilities in three industrial areas in Andhra Pradesh. These are: roads, water supply plants and power distribution systems.
- The loan is the second tranche of a $500 million Multi-tranche Financing Facility (MFF) under the program approved by ADB in 2016.
- With this loan facility, infrastructure facilities will be developed in three industrial clusters under the Visakhapatnam and Srikalahasti-Chittoor areas sanctioned in Andhra Pradesh.
Benefits to Andhra Pradesh from the loan:
- ADB financing will help the state in industrialization to increase the share of the manufacturing sector in the state's GDP as well as enhance competitiveness and increase employment opportunities in the project target areas.
- This project will help in skill development of people from socially and economically weaker sections besides increasing investment in the state.
- Capital : Amaravati
- Governor: S. Abdul Nazir
- Chief Minister: Y S Jaganmohan Reddy
- Official Language: Telugu (main language)
Asian Development Bank (ADB):
- Establishment : 19 December 1966
- Headquarters: Manila (Philippines)
- Member countries: 68 (India is a founding member)
- Objective: To promote social and economic development in Asia.
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