The Asian Development Bank has reportedly agreed to grant $500 million (approximately Rs 3,300 crore) for Chennai-Kanyakumari Industrial Corridor project.
The funds will be used to strengthen 15 existing major road stretches, boost growth of manufacturing sector, promote balanced regional growth and give a fillip to the development of southern districts.
According to a TOI report, the total cost of the project — funded by the state government and the ADB — is Rs 6,448 crore. An ADB team carried out a final survey before clearing the proposal recently.
A part of East-Coast Economic Corridor development scheme, the country’s first coastal corridor project that supports prime minister Narendra Modi’s Make in India to lift the manufacturing sector through foreign direct investment and portled industrialisation under the Sagarmala initiative and Act East Policy, the project is expected to give fillip to trade activities in Tamil Nadu.
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