ADB President meets PM Modi, says lender will pump USD10 bn into India for infra projects
New Delhi, June 1 (UNI) Asian Development Bank (ADB) President Masato Kanda today met Prime Minister Narendra Modi, during which he described the Viksit Bharat 2047 vision as 'bold' and added that the global lender will support the vision by pumping $10 billion over the next five years into infrastructure development in India.
During the meeting, PM Modi said that India's rapid transformation over the last decade has empowered countless people.
In a post on X, the PM said:
"Had a wonderful meeting with Mr. Masato Kanda, in which we shared perspectives on a wide range of issues.
'India's rapid transformation over the last decade has empowered countless people and we are working to add further momentum in this journey!"
The ADB President in a post on X said:
'The Viksit Bharat 2047 vision is bold, and @ADB_HQ is supporting that ambition.
'We will direct $10 billion, including third-party capital, over the next five years into municipal infrastructure development, extending metro networks, building new Regional Rapid Transit System corridors, and modernizing city services.
'I was pleased to convey this during my meeting with Prime Minister Narendra Modi @narendramodi in New Delhi.
'India, a founding ADB member since 1966 and our largest borrower, is a steadfast partner.
'By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing capital, we stand ready to support India's drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people.'
The ADB president had met Finance Minister Nirmala Sitharaman earlier this week.
He said of the meeting:
'I met Finance Minister @nsitharaman in New Delhi to deepen ADB's partnership with India and advance Prime Minister @narendramodi's Viksit Bharat 2047 vision.
'I welcomed her 'Budget Plus, Finance Plus' agenda, which blends fiscal discipline with innovation, and her emphasis on the Antyodaya principle, ensuring development reaches the last mile.
'ADB stands ready to provide between $4 billion and $4.5 billion in sovereign lending each year, alongside about $1 billion in private sector financing, while mobilizing additional third-party capital. We agreed to move quickly on large, high-impact projects, such as ADB's support for solar rooftops, which can accelerate clean energy adoption across the country.
'Our shared agenda centers on urban transformation, private sector development, and skills programs that strengthen India's manufacturing base.
'At the Minister's request, we will also sharpen support for integrated rural prosperity by transforming food systems, creating jobs, and nurturing local entrepreneurship so villages become 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.'
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