Learn bits
Economy
Mahesh

26/05/23 06:32 AM IST

ADB, India sign for industrial corridor development in Andhra Pradesh

In News
  • The Asian Development Bank (ADB) and the Government of India signed, a $141.12 million loan to support the development of high-quality internal infrastructure.
About the project
  • This financing is the second tranche of the $500 million multi-tranche financing facility (MFF) for the program approved by ADB in 2016 to build infrastructure in three industrial clusters in the Visakhapatnam and Srikalahasthi-Chittoor nodes in the state.
  • This financing will help strengthen industrial infrastructure in Visakhapatnam node with the development of internal infrastructure in the start-up area of the 160-hectare (ha) Rambilli and 441-ha Nakkapalli industrial clusters, widening of 13.8-kilometer (km) of the Atchuthapuram–Anakapalli road and improvement of 4.4-km access road to the Nakkapalli cluster.
  • Internal infrastructure in the proposed clusters will include internal roads, storm water drains, water supply systems, and electric power distribution systems.
  • In Srikalahasthi-Chittoor node, the project will help develop the start-up area of the 938-ha Chittoor–South industrial cluster, and improve a 9.5-km access road to the Chittoor-South industrial cluster and an 8.7-km access road to the Naidupeta industrial cluster.
Benefits
  • The project will support the state in rolling out an updated marketing action plan for investment promotion, and enhance skills of people including the socially and economically vulnerable sections.
  • To strengthen industrial cluster resilience under extreme weather, the project will help establish a green corridor model operational guidelines and develop a disaster risk management plan.
  • For long term sustainability, the program will formulate a plan to improve operation and maintenance of start-up industrial clusters, and will roll out a toolkit with gender-responsive and socially inclusive guidance to integrate industrial and urban planning including industry housing in areas adjacent to industrial clusters.
Source- PIB

More Related Current Affairs View All

23 May

Analysing local environmental footprints of luxury consumption

'While climate change is a global concern, issues such as water scarcity and air pollution are often localised or regionalised. For example, excessive water use in one region may n

Read More

23 May

Amul goes global

“The Taste of India. Now in USA,” India’s largest dairy co-operative Amul, i.e. Gujarat Cooperative Milk Marketing Federation (GCMMF), declared in a newspaper adv

Read More

23 May

Animal Diplomacy

'Amid serious world politics, there is an odd yet effective diplomatic tool known as animal diplomacy.' In a recent development, Malaysia, the world’s second-largest palm

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps