Categories: Agreements

ADB inks USD 484 million loan with GoI to upgrade road network in Tamil Nadu

The Asian Development Bank (ADB) and the Government of India have signed a $484 million loan, to improve transport connectivity and facilitate industrial development in the Chennai–Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu. “The project is key to providing seamless road connectivity across industrial clusters, transport gateways and consumption centres, and help reduce logistics and production costs for CKIC’s targeted industries to boost their competitiveness.

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Under the project:

About 590 km of state highways in the CKIC influence areas will be upgraded that cover 23 of the 32 districts between Chennai and Kanyakumari.
CKIC is part of the East Coast Economic Corridor (ECEC) of India, which stretches from West Bengal to Tamil Nadu.
ECEC connects India to the production networks of South, Southeast, and East Asia.
It must be noted that ADB is the lead partner of the Government of India in developing ECEC.

Important takeaways for all competitive exams:

ADB is a regional development bank established in 1966;
ADB Members: 68 countries (49 members are from Asia pacific region);
ADB is headquartered in Mandaluyong, Philippines;
Masatsugu Asakawa is the current president of ADB.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.