New Delhi, Feb 6 (KNN) Commerce and Industry Minister Piyush Goyal has informed Parliament that the Asian Development Bank (ADB) had prepared Conceptual Development Plan (CDP) for Vizag-Chennai Industrial Corridor (VCIC).

''Asian Development Bank had prepared conceptual development plan for Vizag-Chennai Industrial Corridor (VCIC) and four nodes -- Visakhapatnam, Machilipatnam, Donakonda and Chittoor were identified for development,'' he said informed parliament while replying to a question on industrial corridors.

Initial master planning of these two nodes (Visakhapatnam and Chittoor ) were also completed by ADB, he said.

"ADB has approved USD 631 million (in loans and grants) for VCIC, comprising a multi-tranche financing facility," the minister said.

As per the proposal of GoAP, National Industrial Corridor Development and Implementation Trust (NICDIT) in its meeting held on 30th 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 State Government and Asian Development Bank (ADB).  ADB has approved USD 631 million (in loans and grants) for VCIC, comprising a Multi-Tranche Financing Facility (MFF).

''Since, the project is presently under development stage, time for commencement for construction of the project cannot be ascertained,'' he added.

---------------------