ADB, India sign USD 451 Million Loan to strengthen Power Connectivity in Tamil Nadu

ADB, India sign USD 451 Million Loan to strengthen Power Connectivity in Tamil Nadu

ADB, India sign USD 451 Million Loan to strengthen Power Connectivity in Tamil Nadu

The Asian Development Bank (ADB) and the Government of India signed a $451 million loan to strengthen power connectivity between the southern and northern parts of the Chennai–Kanyakumari Industrial Corridor (CKIC), which is part of the East Coast Economic Corridor (ECEC), in Tamil Nadu. ADB is the lead partner of the Government of India for developing ECEC.

The MoU Signed by:

The signatories to the loan agreement were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs in India’s Ministry of Finance, and Mr. Kenichi Yokoyama, Country Director of ADB’s India Resident Mission.

Benefits: 

“The project will provide an impetus to the industrial development of CKIC, which ADB has been assisting through strategic planning and investments in infrastructure while facilitating industrial investments. They are expected to enhance industrial competitiveness while creating well paid jobs to support the state’s rapid economic transformation”.