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Time of India
2 days ago
- Business
- Time of India
Asian Development Bank commits $10 billion plan for India's urban transformation
NEW DELHI: 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.
India Gazette
3 days ago
- Business
- India Gazette
ADB President announces $10 billion for India's urban infrastructure
New Delhi [India], June 1 (ANI): Asian Development Bank (ADB) President Masato Kanda has committed up to USD 10 billion, including third-party capital, for India's urban transformation, including metro extensions, new regional rapid transit system (RRTS) corridors, and urban infrastructure and services. This is a five-year initiative, ADB said in a statement on Sunday. 'Cities are engines of growth,' ADB President Kanda said after meeting Prime Minister Narendra Modi here in the national capital. '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 @ 2047,' the ADB President added. The five-year plan includes sovereign loans, private sector financing, and third-party capital. '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!' PM Modi wrote in a post on X after meeting the ADB President. The initiative is anchored by India's flagship Urban Challenge Fund (UCF), which ADB is supporting to attract private investment for urban infrastructure. Completed analytical work on growth hubs, creative city redevelopment, and water and sanitation upgrades in 100 cities across India is 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. 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. On urban transport, over the past decade, 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. During his India visit, Kanda also met Finance Minister Nirmala Sitharaman to discuss expanding metro networks including transit-oriented development (TOD), supporting rural prosperity, scaling rooftop-solar capacities, and operationalizing the UCF. In addition, he met Housing and Urban Affairs Minister Manohar Lal to map next steps for channelling private capital into urban projects, replicating ADB-backed urban transport successes on new corridors, and creating TOD opportunities. 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. In Gurugram, he visited the renewable-energy company ReNew to discuss stronger collaboration in renewable energy, followed by a roundtable with chief executives from infrastructure, finance, agriculture, and social sector firms. In that meeting, he emphasized that India's private sector can provide the scale and dynamism needed to drive India's growth. 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 non-sovereign operations to catalyse additional private investment. ADB began operations in India in 1986. As of April 2025, it had committed USD 59.5 billion in sovereign lending and $9.1 billion in nonsovereign investments. The active sovereign portfolio comprises 81 loans totaling USD 16.5 billion as of April 2025. Founded in 1966, the multilateral development bank ADB is owned by 69 members--50 from the region. (ANI)
Economic Times
3 days 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 days 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
3 days 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.
