New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which organization is providing financial support for

    the Visakhapatnam–Chennai Industrial Corridor (VCIC)?
    A International Bank for Reconstruction and Development (IBRD) Correct Answer Incorrect Answer
    B International Monetary Fund Correct Answer Incorrect Answer
    C Asian Development Bank Correct Answer Incorrect Answer
    D International Development Association (IDA) Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Visakhapatnam–Chennai Industrial Corridor (VCIC), also Vizag–Chennai Industrial Corridor, is a key part of the East Coast Economic Corridor (ECEC), India's first coastal corridor. VCIC is aligned with the Golden Quadrilateral and is poised to play a critical role in driving India’s Act East Policy and Make in India campaign. The nearly 800-kilometer corridor links India with the Association of Southeast Asian Nations (ASEAN) and East Asian economies that form the bedrock of global manufacturing economy. The corridor traverses nine districts of the state of Andhra Pradesh. VCIC intends to complement the ongoing efforts of the Government of Andhra Pradesh (GoAP) to enhance industrial growth and create high quality jobs. The ADB (Asian Development Bank) approved on September 20, 2016 (i) a $500 million multi-tranche financing facility (MFF), and (ii) a $125 million policy-based loan (PBL), both to India for the Visakhapatnam–Chennai Industrial Corridor Development Program (VCICDP). The MFF will support priority infrastructure investments in the VCIC, and the PBL will support policy reforms and institutional development in the state. Master planning for the identified industrial nodes is currently being undertaken.

    Practice Next