Government of India gave its concurrence for engaging Asian Development Bank (ADB) for carrying out feasibility study and preparing the Conceptual Development Plan (CDP) for East Coast Economic Corridor (ECEC) linking Kolkata in East through Chennai to Tuticorin in South in a phased manner in May, 2014. In the first phase, Vizag-Chennai Industrial Corridor (VCIC) segment of ECEC was taken up. Government of Andhra Pradesh (GoAP) is implementing the project. In September 2016, ADB approved US $631 million (loans and grants) for VCIC. GoAP is to provide Counterpart funding of US $215 million.

This information was given by the Commerce and Industry Minister Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

Project financing secured for Vizag-Chennai industrial corridor through multilateral loans and state counterpart funding commitment. Government concurrence was obtained to engage a multilateral development institution to prepare a feasibility study and Conceptual Development Plan for an East Coast Economic Corridor; the first phase, the Vizag-Chennai Industrial Corridor, is being implemented by the State Government, with multilateral loans and grants approved for the segment and the State required to provide counterpart funding.