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India,Philippines : INDIA: Government gets more funding commitment from the ADB for ECEC
Publish Date : 03-Jul-2017
Nirmala Sitharaman, the Minister of State (Independent Charge) for Commerce & Industry Ministry of the Government of India, has held a meeting with the President of the Asian Development Bank (ADB) Takehiko Nakao and has thanked the Manila-based bank for its dedication to develop infrastructure in the country.
She has emphasized that the Government of India will assist the States to secure projects funding for the infrastructure development purposes.
The Central Minister has made discussions on the movement reported so far in the Vizag-Chennai Industrial Corridor (VCIC) project. Ms Sitharaman has also noted that the Northern Extension of the ECEC from Vizag to the States of Odisha and West Bengal is crucial and then stressed that it is required for the ADB to speed up the work accordingly.
Minister Sitharaman has further stated that the Southern extension to Kanyakumari from Chennai must entail extension up to Kollachal Port and further at Vizhinjam, because this will allow creation of a number of economic benefits for these areas.
The Indian Minister has called for close supervision of the projects throughout their implementation phase, with total focus to obey their completion schedules.
During this meeting, Nakao has also carried out discussions on the movement recorded so far on the East Coast Economic Corridor (ECEC) venture.
The ADB President has also lauded the Indian Government for its reform initiatives involving the implementation of the GST and has described the move as a historic one.
The two sides have carried out comprehensive discussions on a range of aspects related to the GST implementation.
The ADB Director General (South Asia Department) Hun Kim has revealed that the bank is ready to enlarge the investment size over next half-decade period to as much as $5 billion to ascertain development all along the ECEC.
