VIJAYAWADA: Industries Minister Mekapati Goutham Reddy has said that the State government is focusing on creating infrastructure such as industrial corridors, industrial parks, ports, airports coupled with improving educational facilities, health care, skill development and capacity building so that youth get to reap the fruits of rapid industrialisation.
Addressing a virtual conference on ‘Business Opportunities with largest sources of Funding’ on Friday, the minister observing that multilateral development banks (MDBs) are playing a vital role in fighting poverty, supporting economic growth, and improving quality of people’s lives explained about various projects being taken up with aid from MDBs in AP.
Exuding confidence that the conference will help create awareness of developmental projects being undertaken in India by MDBs, he felt that the number of MSMEs in AP could be doubled due to the support extended by the government during the Covid-19 crisis.He said that Asian Development Bank (ADB), which is funding the Visakhapatnam-Chennai Industrial Corridor, India’s first coastal corridor, is complementing the government’s efforts to enhance industrial growth and job creation.
“We recently concluded the agreement with the New Development Bank (NDB) for two road projects worth US $646 million— double-laning of 1,600-km-long State highways and dilapidated bridges reconstructed on the State highway network. Andhra Pradesh Mandal Connectivity and Rural Connectivity Improvement Project comprising double-laning of 1,400-km-long district roads and reconstruction of bridges on the district road network,’’ he explained.
“We are working with the World Bank to improve responsiveness of the public health services in AP. The World Bank is funding Rejuvenating Watersheds for Agriculture Resilience through Innovative Development (REWARD) project in five districts of Rayalaseema and the tribal belt in Visakhapatnam district. These projects will be implemented over the next six years, he said.
“Vizag Metro is picking up pace and the project cost is around Rs 16,000 crore. We are also exploring various funding options,” he said. The government is looking at ways in which MDBs can have more skin in the game—partial enhancement or project guarantee, instead of full risk borne by the government.