Home Business Asian Development Bank, Government Sign $484 Million Loan To Upgrade Road Network

Asian Development Bank, Government Sign $484 Million Loan To Upgrade Road Network


Government Signs $484 Million Loan With ADB For Tamil Nadu Industrial Corridor

Chennai Kanyakumari industrial corridor is a part of the East Coast economic corridor

Tamil Nadu Industrial Corridor: The Asian Development Bank (ADB) and the central government signed a $484 million loan in order to improve the transport connectivity and facilitate the industrial development in Chennai–Kanyakumari Industrial Corridor or CKIC in Tamil Nadu. According to a statement released by the Ministry of Finance on Wednesday, June 16, the roadway infrastructural project stretches from West Bengal to Tamil Nadu and connects the country to the production networks of Southeast, South, as well as East Asia. (Also Read: Asian Development Bank Approves ₹ 3,533 Crore Loan For Tamil Nadu Industrial Corridor )

According to the statement, the Asian Development Bank is the lead partner of the central government in developing the country’s East Coast economic corridor or ECEC. The Chennai–Kanyakumari industrial corridor is a part of the East Coast economic corridor.

The project will redevelop about 590 km of the state highways in the areas impacted by the Chennai-Kanyakumari industrial corridor. It will boost road connectivity across the industrial clusters, transport gateways, as well as consumption centers. This will help in reducing the cost of logistics and production for the corridor’s targeted industries.

In the redevelopment project of the highways, various activities such as climate change adaptation measures, improved drainage system,  resizing of culverts and bridges, raised road embankments in the critical areas will be taken up. 

The influenced areas which are a part of the industrial project cover 23 of the 32 districts between Chennai and Kanyakumari in Tamil Nadu. Improved connectivity of the industrial hubs with hinterland and ports will significantly help in increasing the participation of the country’s manufacturing in global production networks, as well as in global value chains. This is likely to create more jobs along the corridor.

The industrial corridor will also conduct road safety improvement programs in the area through modern technology, for road monitoring, and enforcement. 

- Advertisment -

Most Popular