Description

Date - 17th Jun 2021

The Asian Development Bank will provide a $ 484 million (over Rs. 3,500 crore) loan to improve transport links and promote industrial development in the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu. The Asian Development Bank is the leading partner of the Government of India in the development of the East Coast Economic Corridor, of which CKIC is a part. As for the loan, an agreement has been signed between ADB and the government.

According to the official release, in line with Strategy 2030, ADB's long-term corporate strategy, the latest project highlights elements of climate resilience, resilience, and road safety. There are 7-year contracts for long-term maintenance of road facilities.

Click on the image to view the official tweets

ADB Financing Purpose

The Asian Development Bank's sum will be used for a project to modernize about 590 km of public highways in the Chennai-Kanyakumari industrial corridor affected areas, covering 23 of the 32 districts between Chennai and Kanyakumari in Tamil Nadu.

Modernization of motorways at CKIC

Improved connectivity with hinterland industrial centers and ports will especially help increase the participation of Indian manufacturing in global production networks and global value chains, thereby creating jobs along the corridor. Climate change adaptation measures will also be included in highway upgrades.

The project will also help strengthen programs to improve road safety through advanced traffic monitoring and control technologies. It will also help improve the planning capabilities of the Tamil Nadu Roads and Small Ports Department.

Chennai-Kanyakumari Industrial Corridor

CKIC is part of the East Coast Economic Corridor of India (ECEC), which stretches from West Bengal to Tamil Nadu. It also connects India with production networks in Southeast, South and East Asia.

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