ADB clears Rs.3,300 cr for road corridor

Injecting a major financial booster to the road and highway sector of the country, the Asian Development Bank has recently agreed to grant worth $500 million amounting to Rs.3,300 crore for Chennai-Kanyakumari Industrial Corridor project to strengthen 15 existing major road stretches across the corridor. The financial booster aimed at pushing growth in manufacturing sector, promote balanced regional growth and give a fillip to the development of districts of the state in the downstream south. The total cost of the project — funded by the state government and the ADB — is Rs.6,448 crore. In this connection, an ADB team carried out a final survey before clearing the proposal recently. The corridor is a part of East-Coast Economic Corridor development scheme — the country's first coastal corridor project that supports PM's Make in India drive to promote domestic products across the world.