GoI and ADB sign USD 451 Million Loan Agreement to Strengthen Power Connectivity in Tamil Nadu

The Asian Development Bank (ADB) and the Government of India (GoI) have signed a USD 451 Million(approx Rs 3,200 crore) Loan Agreement for strengthening the power connectivity between the northern and the southern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC).

CKIC will also build an operational capacity for Tamil Nadu Transmission Corporation(TANTRANSCO), for which ADB has approved an additional grant of 650,000 dollars. ADB is funding Rs 6448 crore for the CKIC project.

Chennai–Kanyakumari Industrial Corridor(CKIC) is a part of the first coastal economic corridor of India, the East Coast Economic Corridor (ECEC). The project is expected to be completed by 2024.

CKIC will cover 64% of the total area in Tamil Nadu, 23 districts and 70% of the population in the state of Tamil Nadu.

Asian Development Bank headquartered in Manila, Philippines, was founded on 19 December 1966.

Month: Current Affairs - December, 2020