ADB to give $2.6 billion in sovereign lending to India
ECONOMY & POLICY

ADB to give $2.6 billion in sovereign lending to India

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)

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)

Next Story
Infrastructure Transport

JNPA Becomes First Indian Port to Cross 10 Million TEU Capacity

The Jawaharlal Nehru Port Authority (JNPA), located at Uran in Navi Mumbai, has become the first port in India to achieve over 10 million TEUs (twenty-foot equivalent units) in container handling capacity.With the recent expansion, the port now operates five container terminals with a combined capacity of 10.4 million TEUs, alongside two liquid and two general cargo terminals.Handling more than half of India’s container traffic, JNPA processed 7.05 million TEUs in 2024 and has moved 15.39 million tonnes of containers and 16.64 million tonnes of total cargo in the first two months of FY 2025â..

Next Story
Infrastructure Transport

Nod for Rs. 36.26 billion Expansion of Pune Metro Line 2

The Union Cabinet has approved the Rs.36.26 billion expansion of Pune Metro Line 2, adding 12.75 km of track and 13 new stations to improve east–west connectivity across the city.The project aims to link Pune’s urban core with rapidly growing suburbs, supporting the city’s rising demand for efficient and sustainable transport solutions. This expansion is part of Corridor 2 of the Pune Metro and includes two key routes: Vanaz to Chandani Chowk (Corridor 2A) and Ramwadi to Wagholi/Vitthalwadi (Corridor 2B).It will connect residential, IT, and educational hubs in areas such as Bavdhan, Koth..

Next Story
Infrastructure Transport

Assembly begins for ‘Nayak’ TBM on Thane– Borivali Twin Tunnel Project

The assembly of ‘Nayak’, the first of four Tunnel Boring Machines (TBMs) for the Thane–Borivali Twin Tube Tunnel Project, has commenced at the Thane site. Built by German firm Herrenknecht AG and deployed by Megha Engineering & Infrastructure (MEIL), the TBM marks a key milestone in Mumbai’s ambitious 11.8-km underground road corridor beneath Sanjay Gandhi National Park.The twin tunnels will reduce the Thane–Borivali travel distance by 12 km and decongest Thane Ghodbunder Road. ‘Nayak’, with a 13.2-metre diameter, is designed to bore through challenging geological conditions ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?