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ADB president Masatsugu Asakawa meets PM Modi, proposes $25 billion for India's development projects ADB
Image Credit: ADB

ADB president Masatsugu Asakawa meets PM Modi, proposes $25 billion for India's development projects

India Blooms News Service | @indiablooms | 22 Feb 2023, 11:11 pm

New Delhi/IBNS: Asian Development Bank President Masatsugu Asakawa on Tuesday met Prime Minister Narendra Modi and conveyed ADB's intention to provide $20-25 billion resources over five years to advance India's aspirations for fast, inclusive, and green growth.

In a release, the Manila-based multilateral lending agency said its President in his meeting with the Prime Minister discussed a range of issues, including ADB support to India's infrastructure and social development and climate actions.

He also conveyed ADB’s intention to scale up assistance to meet India’s priority development needs and discussed ADB’s country partnership strategy (CPS) for India, 2023–2027. 

ADB is now finalising the new 5-year CPS following a comprehensive stakeholder consultation process.    

“ADB will provide multifaceted support for India’s key priorities, including the important infrastructure push under the PM’s Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilizing domestic resources, and strengthening basic services in disadvantaged districts,” Asakawa said.

He congratulated Modi on India’s assumption of the Group of 20 (G20) presidency and reaffirmed ADB’s support to the G20 agenda.

As a guest international organization at the G20 meetings and Leaders’ Summit, ADB is supporting the priorities of India’s presidency across the finance and sherpa tracks.

Congratulating the Prime Minister on his leadership in effectively combating the COVID-19 pandemic and steering the country towards a quick post-pandemic recovery, Asakawa said despite the disruptions caused by the pandemic, India remains the fastest-growing major economy with expected 7% growth in the fiscal year 2022, ending 31 March 2023. 

Asakawa also met with Finance Minister Nirmala Sitharaman and outlined ADB efforts to achieve annual regular lending of $4 billion from its sovereign operations in the next few years.  

ADB started operations in India in 1986. As of 31 December 2022, it had committed $52.28 billion in sovereign lending in the country and $6.75 billion in nonsovereign lending and investment.

ADB’s current India portfolio comprises 64 projects worth about $16 billion across the transport, urban, energy, human development, agriculture and natural resources, and finance sectors.

In Delhi, Asakawa will visit the ADB-funded Delhi–Meerut Regional Rapid Transit System Investment Project and travel to Bengaluru to participate in the G20 Finance Ministers and Central Bank Governors meeting on 24–25 February.