Andhra Pradesh - Visakhapatnam

Growth corridor: MoU inked

VISAKHAPATNAM: The International Finance Corporation (IFC), private sector arm of the World Bank Group, on Wednesday signed a memorandum of understanding with Infrastructure and Investment Corporation of AP (INCAP) for development and assistance of ambitious coastal growth corridor project between Visakhapatnam and Kakinada.

The MoU was signed by Neeraj Gupta of IFC and INCAP Managing Director Sanjay Jaju during a two-day conference on investment opportunities in the coastal corridor being held here by the CII.

Inaugurating the conference, Union Minister of State for Mines T. Subbarami Reddy said IFC’s support would go a long way in creating massive infrastructure all along the coastline between Visakhapatnam and Kakinada in the first phase and later up to Tada in Nellore district. He said the project would lead to development in an area of 1.25 lakh acres over a period of 10 years creating jobs for five lakh people in five years.

Allaying fears among fishermen on the impact of the project on their livelihood, Mr. Reddy said the rehabilitation package would take care of their needs and improve their living conditions. The Minister said that the Centre would extend wholehearted support to the project.

Underlining the need for setting up growth corridors, he pointed out that such corridors had brought massive investments in Japan, Canada and the United States. Expressing the hope that the proposed corridor would put Visakhapatnam on world industrial map, he said a greenfield international airport would also come up on city suburbs.AP Minister for Infrastructure M. Venkata Ramana Rao said their approach is to create infrastructure first and seek industries later.

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