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Recently, the government of India has signed $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor with which of the following international organisations?
  • a)
        Asian Development Bank
  • b)
        International Monetary Fund
  • c)
        World Bank
  • d)
        OECD
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Recently, the government of India has signed $375 million in loans and...
Answer: a
Explanation:
Recently, the Asian Development Bank (ADB) and the Government of India signed here $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make in India policy to stimulate manufacturing, and Act East policy to integrate the Indian economy with Asia’s dynamic global production networks.
The signing event was held on 23rd February 2017 followed the ADB approval of $631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor. ADB’s approved loans comprise a $500 million multi-tranche facility to build key infrastructure in the four main centres along the corridor – Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti in the State of Andhra Pradesh. The First Tranche of $245 million was signed today that will finance sub-projects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor–Visakhapatnam and Yerpedu-Srikalahasti.
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Recently, the government of India has signed $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor with which of the following international organisations?a) Asian Development Bankb) International Monetary Fundc) World Bankd) OECDCorrect answer is option 'A'. Can you explain this answer?
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