AD Bank ready to fund Industrial corridor in AP

Asian Development Bank has formally agreed to provide funds to the proposed industrial corridor from Vizag to Chennai. It is sending an eight member officials team to Visakhapatnam and Chittoor districts. They will visit both districts on December 11th and 12th simultaneously. During their visit, they will discuss with the district officials on how to develop the industries in this corridor and prepare a feasibility report of this mega project that needs thousands of crores of investment. First, they will attend meetings with the higher officials of the state industries, infrastructure, pollution control and environment departments at Hyderabad two days prior to their visit to the districts. Once, this eight member team submits its report to the ADB and then it may approach the state government to formulate the proposals into a MoU.

The state Chief Minister Chandrababu Naidu is quite hopeful to get special status to the state very soon. If, special status is accorded to the state and ADB is ready to fund the industrial corridor then industrialists also will come forward to set-up their shops in the AP state. CM Chandrababu Naidu is expecting the development activities kick starts before end of the next year.