ADB President Proposes USD 25 bn Support for India’s Fast, Inclusive & Green Growth

The Manila-based multilateral lending agency said in a statement that its President met with the Prime Minister and discussed a variety of issues, including ADB support for India's infrastructure, social development, and climate action.

Following extensive stakeholder consultation, ADB is now finalizing the new five-year country partnership strategy (CPS) for India. "ADB will provide multifaceted support for India's key priorities, including the important infrastructure push under the Prime Minister's Gati Shakti (National Master Plan for multimodal connectivity)," Asakawa said.

He also congratulated Modi on India's assumption of the G20 presidency and reaffirmed ADB's commitment to the G20 agenda. According to the release, as a guest international organization at the G20 meetings and Leaders' Summit, ADB is supporting the priorities of India's presidency across the finance and sherpa tracks.

In 1986, ADB began operations in India. By the end of December 2022, it had committed USD 52.28 billion in sovereign lending and USD 6.75 billion in non-sovereign lending and investment in the country. ADB's current India portfolio includes 64 projects worth approximately USD 16 billion in transportation, urban development, energy, human development, agriculture and natural resources, and finance.

Asakawa also met with Finance Minister Nirmala Sitharaman to discuss ADB's efforts to achieve annual regular lending of USD 4 billion from its sovereign operations in the coming years. The Ministry of Finance stated in a series of tweets that Sitharaman stressed the importance of laying the groundwork for India@100. In light of this, the two leaders also discussed the India-ADB Country Partnership Strategy 2023-2027, which is currently under development.

Asakawa praised the finance minister's decision to prioritize green growth in the Union Budget 2023-2024. He informed Sitharaman that, on Prime Minister Modi's advice, ADB has established the secretariat for South Asia Sub-Regional Economic Cooperation (SASEC) in ADB's India office.