ADB pledges continued support for India's infrastructure and inclusive economic development
The Asian Development Bank has once again affirmed its the support to India, stating it will continue to focus on "projects and programs that accelerate India's structural transformation."
ANI
May 29, 2024 22:53 IST
New Delhi [India], May 29 (ANI): The Asian Development Bank has once again affirmed its support to India, stating it will continue to focus on "projects and programs that accelerate India's structural transformation."
The ADB said it will mainly focus on the projects which create jobs, address infrastructure gaps, promote green growth and foster social and economic inclusiveness.
The ADB is a regional development bank headquartered in Manila, Philippines. It was set up in 1966 under Japan's leadership as one of the first industrialised states in Asia. The bank with its 68 members (49 from the region) finances development projects in its member states across Asia.
The ADB said it is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
The Manila-based organisation had committed UDS 2.6 billion for sovereign projects in the country to support industrial corridor development, build India's climate resilience, support horticulture, encourage power sector reforms, and improve connectivity.
ADB has also extended $23.53 million in technical assistance and $4.1 million in grants under the sovereign portfolio. In addition, ADB committed over $1 billion for private sector projects during the year.
In 2023, it approved additional funding for development of the industrial corridor development program (NICDP) by launched by the Indian government in 2016. It has also facilitated loan for the Visakhapatnam-Chennai Industrial Corridor Development.
Two policy-based loans were committed to support the government's urban reforms agenda at the state level and power sector reforms to facilitate the shift to renewable energy.
In addition, ADB provided funding for expanding urban services in the states of Uttarakhand, Rajasthan, and Tripura; improving road connectivity in Bihar and Madhya Pradesh; expanding Delhi-Meerut rapid rail transit corridor and boosting horticulture development in Himachal Pradesh.
"ADB's portfolio in 2023 supported the government's priority agenda. We will continue to focus on projects and programs that accelerate India's structural transformation, create jobs, address infrastructure gaps, promote green growth, and foster social and economic inclusiveness while deploying smart technologies and innovations," said ADB Country Director for India Mio Oka.
Underscoring the support to India, the bank added, "ADB continues to provide knowledge support through technical and operational studies. Key knowledge work in 2023 included support to the Ministry of Commerce and Industry in formulating the national logistics costs calculation framework and assisting the Government of Assam to prepare a strategic framework for developing its urban sector."
ADB prioritises projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states. Support for more developed states focuses on transformational programs with policy and knowledge advice, combined with non-sovereign operations. (ANI)
Get the App
