ADB okays $250 mn loan for India's industrial corridor development

New Delhi: The Asian Development Bank (ADB) on Friday said it has approved a $250 million (about Rs 1,875 crore) loan to support India's National Industrial Corridor Development Program (NICDP).

This is the first subprogram of the programmatic $500 million loan to develop 11 industrial corridors spanning 17 states, the multi-lateral agency said in a statement.

NICDP aims to develop world-class industrial nodes that are supported by efficient urban agglomerations and multimodal connectivity, including international gateways like ports and airports and inclusive, climate-resilient, and sustainable infrastructure.

The national programme also seeks strong institutional and regulatory frameworks.

ADB said the first subprogram loan will help government initiatives strengthen institutional framework and capacity development for industrial corridor planning, improve project readiness, facilitate ease of doing business, and thereby create opportunities for domestic and foreign investors.