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The ADB approved on 20 September 2016 (i) a $500 million multi-tranche financing facility (MFF), and (ii) a $125 million policy-based loan (PBL), both to India for the Visakhapatnam–Chennai Industrial Corridor Development Program (VCICDP). [13]
The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, [3] which is headquartered in 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. [4] The bank also maintains 31 field offices around the world [ 5 ] to promote social and economic development in Asia.
The ADB is to invest $500 million in infrastructural development of the project. [1] Since late 2013, ADB has been supporting studies on transport corridors in India. Phase 1 of the ECEC is Visakhapatnam-Chennai Industrial Corridor (VCIC) which had been approved by the ADB board in October 2016.
The South Asia Subregional Economic Cooperation (SASEC) Program, set up in 2001, brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. [1]
The World Bank, IMF, and Asian Development bank have all cooperated with the AIIB as a compliment to the Bretton Woods institutions and which further increases overall capacity for development funds. [83] Economist C. Fred Bergsten describes the AIIB as "helping meet a clear need for more infrastructure funding throughout Asia (and elsewhere)."
Half of the project cost will be funded by the Centre and the State Government, while the remaining will be financed through loans from the Asian Development Bank and the World Bank. On 2 March 2019, the Union Ministry of Finance stated that it signed a $926 million loan agreement with the ADB to fund construction of Lines 2 and 7.
The 597-foot Statue of Unity in Gujarat – the tallest statue in the world [1]. This is a list of megaprojects in India."Megaprojects are temporary endeavours (i.e., projects) characterized by large investment commitment, vast complexity (especially in organisational terms), and long-lasting impact on the economy, the environment, and society".
The Central Asia Regional Economic Cooperation (CAREC) Program is a program established in 1997 by the Asian Development Bank (ADB) to encourage economic cooperation among countries in Central Asia and nearby parts of Transcaucasia and South Asia.