ADB Approves $250 Million Loan to Boost Industrial Corridors in India

ADB Approves $250 Million Loan to Boost Industrial Corridors in India

VoM News Desk | December 9, 2023 | 03:15 PM IST | Breaking News | Follow on Google News

ADB Approves $250 Million Loan to Boost Industrial Corridors in India

ADB Approves $250 Million Loan to Boost Industrial Corridors in India

The Asian Development Bank (ADB) has approved a $250 million policy-based loan to support the development of industrial corridors in India. This initiative aims to enhance the competitiveness of the manufacturing sector, strengthen national supply chains, and foster connections with regional and global value chains. The funding aligns with the National Industrial Corridor Development Program (NICDP) initiated by the Indian government in 2016, with updates in 2020 for improved planning and management of industrial economic clusters.

According to Sameer Khatiwada, ADB Senior Public Management Economist, the program is expected to create jobs across various sectors, including agribusiness, automotive, electronics, food and beverages, heavy machinery, pharmaceuticals, and textiles. The project focuses on the development of multimodal logistics infrastructure under the government’s Prime Minister Gati Shakti platform, emphasizing gender equality, workplace safety, and environmental sustainability.

This financial support builds on the success of the $250 million Subprogram 1 loan sanctioned by ADB in October 2021, which contributed to the development of 11 industrial corridors. The ADB’s commitment aims to eradicate extreme poverty and promote sustainable development in India.

ADB Approves $250 Million Loan to Boost Industrial Corridors in India: For any Query

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