Asian Development Bank Approves Rs 3,533 Crore Loan For Tamil Nadu Industrial Corridor

In a big infrastructural boost for the Tamil Nadu industrial corridor, the Asian Development Bank approved a loan worth Rs 3,533 crore for the improvement of transport connectivity and road maintenance. The funds from the loan approved by Asian Development Bank will be utilised for the development of the Chennai-Kanyakumari Industrial Corridor or CKIC, in Tamil Nadu. The industrial corridor project is a part of the country's east coast economic corridor, that spans between West Bengal and Tamil Nadu. The corridor connects the country to the production networks of the southeast as well as east Asia.

The industrial project will redevelop around 590 km of state highways in the areas influenced by the Chennai-Kanyakumari Industrial Corridor. In the upgradation project of highways, various tasks such as improved drainage system, climate change adaptation measures, raised road embankments in critical areas, as well as resizing of culverts and bridges will be carried out. Tamil Nadu has a robust economy with various manufacturing industries, including engineering, automobiles, garments, aerospace, and pharmaceuticals.

Chennai-Kanyakumari Industrial Corridor project will also push road safety improvement programs through modern technology. This will be conducted for road monitoring and enforcement. Additionally, the infrastructural project will also support the better planning capacity of Tamil Nadu's Highways and Minor Ports Department.

However, one of the most important objectives of the Chennai-Kanyakumari Industrial Corridor project is the redevelopment of the southern and central areas of the state, that are away from the industrial or manufacturing hubs around Chennai. These areas require improved connectivity and inclusive growth.