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Hans India
an hour ago
- Business
- Hans India
PM Modi meets ADB president Masato Kanda, latter pledges $10 bn for Indian urban infrastructure
Prime Minister Narendra Modi on Sunday took to X to share a picture of meeting with the Asian Development Bank (ADB) president Masato Kanda at his official residence, where the latter promised to pledge $10 billion for Indian urban infrastructure development over a period of five years. The $10 billion investment will seek to transform urban infrastructure across the country, including municipal infrastructure development, Metro extensions, new regional rapid transit system (RRTS) corridors and modernisation of urban services, the ADB said in a statement. The ADB president also extended support to the Modi government's Viksit Bharat pledge and wrote on X, 'The Viksit Bharat 2047 vision is bold and the ADB is supporting that ambition.' PM Modi, while sharing the pictures of the meeting, said that he and the ADB president shared a perspective on a wide range of issues, including India's rapid transformation over the past decade, which saw the empowerment and upliftment of countless people. Masato Kando, who arrived in India last week, marking his official state visit after becoming the ADB President, said, "By scaling up public and private sector finance, deepening knowledge collaboration, and mobilising 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.' ADB has reportedly collaborated with over 110 cities across 22 states on projects related to water supply, sanitation, housing, and solid waste management, with an active urban portfolio comprising 27 loans amounting to $5.15 billion. Earlier, the ADB president also met Finance Minister Nirmala Sitharaman, where the two discussed plans to bring rural prosperity, scaling rooftop solar capacities, and operationalising the UCF. He also met Urban Development Minister Manohar Lal Khattar to outline the next steps for channelling private capital into urban projects.
The Hindu
2 hours ago
- Business
- The Hindu
PM Modi meets ADB president Masato Kanda
Prime Minister Narendra Modi met Asian Development Bank (ADB) President Masato Kanda and said his government was working to add further momentum to India's rapid transformation over the last decade. In his post on X, Mr. Kanda said his organisation is supporting India's ambition of a 'Viksit Bharat' by 2047, describing it as a bold vision. "We will direct USD 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 modernising city services," he said. India, a founding ADB member since 1966 and its largest borrower, is a steadfast partner, Kanda noted. He added, "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." Mr. Modi replied, "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 to this journey!"
Economic Times
2 hours ago
- Business
- Economic Times
ADB commits $10 bn plan for India's urban transformation
iStock Representative image. The Asian Development Bank (ADB) has committed up to USD 10 billion for India's urban transformation, including metro extension in the next five years, ADB President Masato Kanda has said. "Cities are engines of will mobilize capital, accelerate delivery, and scale solutions that keep India's urban economy moving and people thriving on the road to Viksit Bharat by 2047," Kanda said after meeting Prime Minister Narendra Modi here on Saturday. The transformation plan includes sovereign loans, private sector financing, and third-party capital, ADB said in a statement. The initiative is anchored by India's flagship Urban Challenge Fund (UCF), which ADB is supporting to attract private investment for urban infrastructure, it said. Analytical work on growth hubs, creative city redevelopment, and water and sanitation upgrades in 100 cities across India are laying the groundwork for the UCF. ADB is also committing USD 3 million in technical assistance to design bankable projects and strengthen the capacity of states and urban local bodies, it said. As per estimates, India's towns and cities are projected to house more than 40 per cent of the population by 2030. ADB has already worked with more than 110 cities across 22 states on water supply, sanitation, housing, and solid-waste management projects, and the active urban portfolio totals 27 loans worth USD 5.15 billion, it said. On urban transport, over the past decade, it said, ADB has committed USD 4 billion for metro projects and RRTS covering 300 kilometers in eight cities, including the Delhi-Meerut RRTS, Mumbai Metro, Nagpur Metro, Chennai Metro, and Bengaluru Metro, cutting congestion and emissions while widening access for vulnerable populations, including people with disabilities. ADB will also invest in skills development through the National Industrial Training Institute Upgradation Program to boost the manufacturing sector, catalyze private sector growth, and create quality jobs, especially for India's youth, it said. Kanda visited the ADB-supported Delhi-Meerut RRTS corridor, India's first RRTS, and spoke with women whose livelihoods have improved through project-linked training, it said. Under ADB's country partnership strategy for India, 2023-2027, it stands ready to provide more than USD 5 billion in financing each year, including about USD 1 billion in nonsovereign operations to catalyze additional private investment. ADB began operations in India in 1986. As of April 2025, it has committed USD 59.5 billion in sovereign lending and USD 9.1 billion in non-sovereign investments, it said, adding, the active sovereign portfolio comprises 81 loans totalling USD 16.5 billion as of April 2025. ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members, 50 from the region.
Time of India
3 hours ago
- Business
- Time of India
ADB commits $10 billion to boost India's urban development and metro expansion
Representative AI image The Asian Development Bank (ADB) has committed $10 billion to support India's urban development, including metro expansion, over the next five years. 'Cities are engines of growth… ADB will mobilize capital, accelerate delivery, and scale solutions that keep India's urban economy moving and people thriving on the road to Viksit Bharat by 2047,' Kanda stated, as quoted by PTI. The announcement came after ADB President Masato Kanda met with Prime Minister Narendra Modi on Saturday. The initiative will leverage a mix of sovereign loans, private sector financing, and third-party capital, with a key focus on the Urban Challenge Fund (UCF). Backed by ADB, the UCF aims to attract private investment into urban infrastructure. Foundational studies are underway in 100 cities, focusing on growth centres, redevelopment, and water and sanitation upgrades. ADB is also providing $3 million in technical assistance to support project development and strengthen the capacity of state and local urban bodies. Projections suggest that over 40 per cent of India's population will reside in urban areas by 2030. ADB is currently engaged in 110 cities across 22 states, with 27 ongoing loans worth USD 5.15 billion targeting water supply, sanitation, housing, and waste management. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Launch at Godrej Sector 12 | Luxurious 3 & 4 BHK Homes @₹2.91 Cr* Godrej Majesty Learn More Undo In transport infrastructure, ADB has invested USD 4 billion in metro and regional rapid transit systems (RRTS) across eight cities- including Delhi-Meerut, Mumbai, Nagpur, Chennai, and Bengaluru—covering 300 kilometres. These projects aim to ease congestion, reduce pollution, and enhance mobility. ADB is also supporting skills development under the National Industrial Training Institute Upgradation Program, intended to boost manufacturing, foster private sector growth, and create jobs. During his visit, Kanda reviewed the Delhi-Meerut RRTS corridor and interacted with women trained through ADB-supported programmes. Under its 2023–2027 country partnership strategy for India, ADB plans to provide over $5 billion in annual assistance, including $1 billion for non-sovereign projects to encourage private investment. Since starting operations in India in 1986, ADB has committed $59.5 billion in sovereign lending and $9.1 billion in non-sovereign investments. As of April 2025, its active sovereign portfolio includes 81 loans totalling $16.5 billion. Founded in 1966, ADB comprises 69 members, 50 from the Asia-Pacific region, and serves as a leading multilateral institution promoting inclusive and sustainable development through financial support and strategic partnerships. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 hours ago
- Business
- Time of India
ADB commits $10 bn plan for India's urban transformation
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Asian Development Bank (ADB) has committed up to USD 10 billion for India's urban transformation, including metro extension in the next five years, ADB President Masato Kanda has said."Cities are engines of will mobilize capital, accelerate delivery, and scale solutions that keep India's urban economy moving and people thriving on the road to Viksit Bharat by 2047," Kanda said after meeting Prime Minister Narendra Modi here on transformation plan includes sovereign loans, private sector financing, and third-party capital, ADB said in a initiative is anchored by India's flagship Urban Challenge Fund (UCF), which ADB is supporting to attract private investment for urban infrastructure, it work on growth hubs, creative city redevelopment, and water and sanitation upgrades in 100 cities across India are laying the groundwork for the is also committing USD 3 million in technical assistance to design bankable projects and strengthen the capacity of states and urban local bodies, it per estimates, India's towns and cities are projected to house more than 40 per cent of the population by has already worked with more than 110 cities across 22 states on water supply, sanitation, housing, and solid-waste management projects, and the active urban portfolio totals 27 loans worth USD 5.15 billion, it urban transport, over the past decade, it said, ADB has committed USD 4 billion for metro projects and RRTS covering 300 kilometers in eight cities, including the Delhi-Meerut RRTS, Mumbai Metro, Nagpur Metro, Chennai Metro, and Bengaluru Metro, cutting congestion and emissions while widening access for vulnerable populations, including people with will also invest in skills development through the National Industrial Training Institute Upgradation Program to boost the manufacturing sector, catalyze private sector growth, and create quality jobs, especially for India's youth, it visited the ADB-supported Delhi-Meerut RRTS corridor, India's first RRTS, and spoke with women whose livelihoods have improved through project-linked training, it ADB's country partnership strategy for India, 2023-2027, it stands ready to provide more than USD 5 billion in financing each year, including about USD 1 billion in nonsovereign operations to catalyze additional private began operations in India in 1986. As of April 2025, it has committed USD 59.5 billion in sovereign lending and USD 9.1 billion in non-sovereign investments, it said, adding, the active sovereign portfolio comprises 81 loans totalling USD 16.5 billion as of April is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our in 1966, ADB is owned by 69 members, 50 from the region.
