The Asian Development Bank (ADB) has committed $25 billion to India for the period of 2023-2026, with a focus on supporting the country’s infrastructure, social, and green development needs. The announcement was made by ADB President Masatsugu Asakawa during a meeting with Indian Finance Minister Nirmala Sitharaman in New Delhi on February 20th, 2023.
The funding will support a range of projects and initiatives, including improving rural connectivity, expanding access to clean energy, and strengthening social protection measures. The funding will also support the development of smart cities and other urban infrastructure, as well as projects aimed at reducing the impact of climate change.
In his statement, ADB President Masatsugu Asakawa noted that the funding will help support India’s goal of becoming a $5 trillion economy by 2025. He also highlighted the importance of investing in social and green infrastructure, which can help improve the lives of people and contribute to sustainable development.
The funding will be provided through a range of financial instruments, including loans, grants, and technical assistance. ADB will work closely with the Indian government to identify and prioritize projects that align with the country’s development goals.
The announcement of the $25 billion funding commitment was welcomed by the Indian government, with Finance Minister Nirmala Sitharaman noting that the funding will help support India’s economic recovery and growth. She also highlighted the importance of investing in social and green infrastructure to create sustainable and inclusive growth.
The funding commitment from ADB comes at a time when India is facing significant economic challenges, including rising inflation and slowing growth. The funding will help support the government’s efforts to boost investment and create jobs, as well as address critical social and environmental issues.
The funding will support a range of projects and initiatives that will help improve rural connectivity, expand access to clean energy, and strengthen social protection measures. The funding will also support the development of smart cities and other urban infrastructure, as well as projects aimed at reducing the impact of climate change.