Visakhapatnam, Visakhapatnam Chennai Industrial Corridor, Visakhapatnam Chennai Industrial Corridor Loan, Visakhapatnam Chennai Industrial Corridor ADB Loan, Visakhapatnam Chennai Industrial CorridorAsian Development Bank has agreed to lend 800 Million US Dollars (5390 Crore) loan to the Vishakapatnam – Chennai Industrial Corridor. The loan proposal is currently being worked on by the Union Finance Ministry. The first chunk of loan about 471 Crore is likely to be released in December first week.

The corridor is being planned for 2020 completion. The 5390 Crore loans will be given in phases and will carry 8% interest. 842 Crore of this amount should be repaid in 15 years and the remaining 4548 Crore in 25 years. The corridor touches nine districts of the State, it will have four major nodes at Visakhapatnam, Kakinada, Gannavaram-Kankipadu (near the new capital city of Amaravati) and Yerpadu-Srikalhastri.

The State is keen to link one of the nodes to the proposed new greenfield capital city of Amaravati. Vizag node will have onus in pharma, metallurgy, non-metallic minerals, chemical and petrochemicals and food processing while Kakinada node will focus on food processing, chemical and petrochemical, paper and non-metallic minerals. Machilipatnam Node will be a hub to pharma, metallurgy, food processing and non-metallic minerals while the sole node in Rayalaseema, Tirupati- Srikalahasti to have industries on electrical equipment, textiles, food processing, metallurgy and non-metallic minerals.