ADB ready to provide USD 4.5 bn loan annually to India
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New Delhi: Asian Development Bank (ADB) President Masato Kanda on Friday said the multilateral funding agency stands ready to provide up to USD 4.5 billion sovereign lending to India each year."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."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.ADB 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 the country, he said."Our shared agenda centres on urban transformation, private sector development, and skills programs that strengthen India's manufacturing base," he 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 the 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.
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