The Asian Development Bank (ADB) and the Centre have signed a $484 million loan to improve transport connectivity and facilitate industrial development in the Chennai–Kanyakumari Industrial Corridor (CKIC).

About CKIC

• CKIC is part of India’s East Coast Economic Corridor (ECEC), which stretches from West Bengal to Tamil Nadu.
• The project will upgrade about 590 km of state highways in the CKIC influence areas that cover 23 of the 32 districts between Chennai and Kanyakumari in Tamil Nadu.
• It connects India to the production networks of South, Southeast, and East Asia.
• ADB is the lead partner in developing ECEC.

Answer this PYQ in the comment box:

Q. With reference to Asian Infrastructure Investment Bank (AIIB), consider the following statements:

1. AIIB has more than 80 member nations.
2. India is the largest shareholder in AIIB.
3. AIIB does not have any members from outside Asia.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 and 3 only

(c) 1 and 3 only

(d) 1, 2 and 3

Significance of CKIC

• The project is part of the priority infrastructure projects identified for corridor development under the ADB-supported CKIC comprehensive development plan.
• Enhanced connectivity of industrial hubs with hinterland and ports will particularly help increase the participation of Indian manufacturing in global production networks and global value chains.
• The project will also strengthen road safety improvement programs through advanced technologies for road monitoring and enforcement.
• In addition, the project will help improve the planning capacity of Tamil Nadu’s Highways and Minor Ports Department.

Back2Basics: Asian Development Bank

• The ADB is a regional development bank established on 19 December 1966 which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines.
• The company also maintains 31 field offices around the world to promote social and economic development in Asia.
• From 31 members at its establishment, ADB now has 68 members.
• The ADB was modeled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.

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