ADB Boosts Industrial Corridor Development in India
29 October 2021
The Asian Development Bank (ADB) approved the Industrial Corridor Development Program (Subprogram 1) loan support for India worth $250 million with a $1 million “Knowledge Services for Industrial Corridor Development Program” technical assistance support. The approved loan is the first subprogram of a $500 million loan, which will develop India’s 11 industrial corridors across 17 states. Subprogram 1 will prioritize initiatives by the Government of India to strengthen its institutional framework and capacity development for industrial corridor planning, improve project readiness, and facilitate ease of doing business.
Development of India’s industrial corridors will expand and enhance the competitiveness of manufacturing in the country. It will help boost the economy and create jobs. Furthermore, corridor development will also expand multi-modal transport networks along economic corridors, enhance institutions for corridor management, and address skills gaps to support industrialization.
The investment is set to open opportunities for domestic and foreign investors. Mr. Manohari Gunawardhena, Senior Financial Specialist for South Asia, ADB, highlights, “Development of industrial corridors will strengthen national supply chains and boost linkages with global value chains.”