Express News Service By

VIJAYAWADA: The Asian Development Bank has come forward to extend a loan of `3,500 crore for Visakhapatnam - Chennai industrial corridor.

A delegation from the ADB which met Chief Minister N Chandrababu Naidu at his office here on Tuesday assured him that the project would get off sooner and it would be completed in time. The delegation urged the chief minister to constitute a project management unit to ensure coordination among various departments for the execution of the project.

ADB country director M Teresa Kho explained to the chief minister the measures it had taken while extending loan for the project. The director evinced interest in advancing loans in the area of rural raods, drinking water, interlinking of ports, transportation, power and urban planning.

The chief minister asked the delegation to employ the best practices it had been following in other countries in Andhra Pradesh too. Referring to how Sri City has become a success, he said he hoped to see the Visakhapatnam Chennai corridor flourish with industries.

The chief minister apprised the team that the Economic Development Board was studying the sectors where investments were possible and was in the process of making a report. Responding to this, the delegation said that the ADB would fund the companies which show interest in investing in these sectors. Those who took part in the meeting included Energy Principal Secretary Ajai Jain, CM’s principal secretary Sai Prasad, Economic Development Board CEO J Krishna Kishore.