The Asian Development Bank (ADB) had prepared conceptual development plan (CDP) for Vizag-Chennai Industrial Corridor (VCIC) and four nodes -- Visakhapatnam, Machilipatnam, Donakonda and Chittoor were identified for development. Amongst these nodes, Visakhapatnam and Chittoor have been prioritised by the government of Andhra Pradesh (GoAP).

The initial master planning of these two nodes were also completed by ADB. As per the proposal of GoAP, the National Industrial Corridor Development and Implementation Trust (NICDIT) in its meeting held on 30 August 2019 has accorded its approval for development of Vishakhapatnam and Chittoor as priority nodes in Phase-1 of VCIC. The loan has been agreed between the state government and ADB.

ADB has approved USD 631 million (in loans and grants) for VCIC, comprising a Multi-Tranche Financing Facility (MFF) which comprises two-tranche MFF of USD 500 million to build key infrastructure; two-tranche Policy Based Loan (PBL) of USD 125 million to support policy reforms and institutional development in the state.

It also includes grant of $5 million from the multi-donor Urban Climate Change Resilience Trust Fund (UCCRTF) to build climate change resilient infrastructure in Visakhapatnam. Technical assistance of $1 million to help the Andhra Pradesh local government implement policy reforms.