The Asian Development Bank (ADB) pledged $2.6 billion in sovereign lending to India during 2023 for diverse projects. This financial commitment is directed towards bolstering urban development, facilitating industrial corridor development, advancing power sector reforms, enhancing India's climate resilience, and improving connectivity. Additionally, ADB allocated $23.53 million for technical assistance and $4.1 million in grants under the sovereign portfolio. Furthermore, ADB invested over $1 billion in private sector projects over the preceding year, as stated by the Manila-based multilateral development bank.

Mio Oka, ADB's Country Director for India, affirmed that the bank's portfolio in 2023 aligned with the government's priority agenda. Emphasising a strategic focus on projects that accelerate India's structural transformation, create employment opportunities, address infrastructure deficiencies, promote environmentally sustainable growth, and foster social and economic inclusivity, Oka underscored the deployment of smart technologies and innovations.

Throughout 2023, ADB approved additional funding to support India's national industrial corridor development program, aimed at enhancing manufacturing competitiveness. This included loans for the Visakhapatnam-Chennai Industrial Corridor Development. Additionally, policy-based loans were allocated to support urban reforms at the state level and facilitate power sector reforms to facilitate the transition to renewable energy sources.

Furthermore, ADB provided funding for various projects across different states, including expanding urban services in Uttarakhand, Rajasthan, and Tripura, improving road connectivity in Bihar and Madhya Pradesh, expanding the Delhi-Meerut rapid rail transit corridor, and boosting horticulture development in Himachal Pradesh.

ADB remains committed to tailoring its approach based on the developmental stage of different states. It prioritises projects focusing on basic services, critical infrastructure, institutional strengthening, and private sector development in low-income states. For more developed states, ADB concentrates on transformational programs, offering policy and knowledge advice along with non-sovereign operations.

Established in 1966, ADB is dedicated to achieving prosperity, inclusivity, resilience, and sustainability across Asia and the Pacific while continuing efforts to eradicate extreme poverty. With ownership shared among 68 members, ADB plays a crucial role in regional development initiatives. (ET Infra)