New Delhi, Asian Development Bank (ADB) has committed to provide sovereign loan of US $ 2.6 billion (about Rs 21,500 crore) to India for various projects in 2023.
The fund aims to strengthen urban growth, support industrial corridor development, promote power sector reforms, build India's climate resilience, enhance connectivity.
ADB extended US$23.53 million in technical assistance and US$4.1 million in grants under the Sovereign Portfolio.
Additionally, ADB committed more than US$1 billion to private sector projects over the past year, the Manila-based multilateral development bank said in a statement.
“ADB's portfolio in 2023 supports 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 deploy smart technology and innovations. Promote social and economic inclusion,” said Mio Oka, ADB Country Director for India.
I said, in 2023, ADB approved a loan for Visakhapatnam-Chennai Industrial Corridor development as well as additional funds to support India's National Industrial Corridor Development Program to enhance its manufacturing competitiveness.
It said the two policy-led loans are committed to support the urban reform agenda of the government at the state level and power sector reforms to facilitate the transition to renewable energy.
In addition, ADB provided funding to expand urban services in Uttarakhand, Rajasthan and Tripura, improve road connectivity in Bihar and Madhya Pradesh, expand the Delhi-Meerut Rapid Rail Transit Corridor, and promote horticulture development in Himachal Pradesh.Committed to adopting a differentiated approach to states at different stages of development, ADB prioritizes projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states, It said.
It added that support for more developed states focuses on transformative programs with non-sovereign operations coupled with policy and knowledge advice.
ADB is committed to achieving a prosperous, inclusive, resilient, sustainable Asia and the Pacific while continuing its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members.
The fund aims to strengthen urban growth, support industrial corridor development, promote power sector reforms, build India's climate resilience, enhance connectivity.
ADB extended US$23.53 million in technical assistance and US$4.1 million in grants under the Sovereign Portfolio.
Additionally, ADB committed more than US$1 billion to private sector projects over the past year, the Manila-based multilateral development bank said in a statement.
“ADB's portfolio in 2023 supports 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 deploy smart technology and innovations. Promote social and economic inclusion,” said Mio Oka, ADB Country Director for India.
I said, in 2023, ADB approved a loan for Visakhapatnam-Chennai Industrial Corridor development as well as additional funds to support India's National Industrial Corridor Development Program to enhance its manufacturing competitiveness.
It said the two policy-led loans are committed to support the urban reform agenda of the government at the state level and power sector reforms to facilitate the transition to renewable energy.
In addition, ADB provided funding to expand urban services in Uttarakhand, Rajasthan and Tripura, improve road connectivity in Bihar and Madhya Pradesh, expand the Delhi-Meerut Rapid Rail Transit Corridor, and promote horticulture development in Himachal Pradesh.Committed to adopting a differentiated approach to states at different stages of development, ADB prioritizes projects on basic services, critical infrastructure and services, institutional strength, and private sector development through sovereign operations in low-income states, It said.
It added that support for more developed states focuses on transformative programs with non-sovereign operations coupled with policy and knowledge advice.
ADB is committed to achieving a prosperous, inclusive, resilient, sustainable Asia and the Pacific while continuing its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members.
