Development: ADB to provide $4.5 bn loan to India annually
Virendra Pandit
New Delhi: Asian Development Bank (ADB) President Masato Kanda on Friday said the multilateral funding agency is ready to provide up to USD 4.5 billion sovereign lending to India each year, the media reported.
“Yesterday I met Finance Minister Nirmala Sitharaman in New Delhi to deepen ADB’s partnership with India and advance Prime Minister Narendra Modi’s Viksit Bharat 2047 vision,” Kanda said in a post on X (formerly Twitter).
“ADB stands ready to provide between USD 4 billion and USD 4.5 billion in sovereign lending each year, alongside about USD 1 billion in private sector financing, while mobilising additional third-party capital,” he said.
It agreed to move quickly on large, high-impact projects, such as the bank’s support for solar rooftops, which can accelerate clean energy adoption across India, he said.
“Our shared agenda centres on urban transformation, private sector development and skills programs that strengthen India’s manufacturing base,” Kanda said.
At the minister’s request, ADB will also sharpen support for integrated rural prosperity by transforming food systems, creating jobs and nurturing local entrepreneurship, so villages become resilient communities, he said.
During her meeting with Kanda on Thursday, Sitharaman had urged for deeper ADB support for integrated rural prosperity measures, including creation of jobs and local entrepreneurship, and fostering innovation in agriculture, to transform villages into resilient communities.
“ADB will pair global expertise with catalytic finance, de-risking tools and robust PPP frameworks to unlock private investment. Our partnership will create a prosperous, inclusive, resilient and sustainable India by 2047, ensuring that progress reaches every city and village,” he said.
