Latest news with #Kanda
Time of India
19 hours 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.
Economic Times
a day ago
- Business
- Economic Times
Tariff war will weigh on capital investment & diminish demand: ADB President Masato Kanda
Asian Development Bank (ADB) president Masato Kanda has unveiled a $10 billion five-year initiative to transform urban infrastructure across India. The amount includes third-party capital and will be used for metro extensions, new regional rapid transit system corridors, and urban infrastructure and services. India is one of the strongest economies because of a strong domestic market and ongoing reforms, Kanda, who was in New Delhi last week, tells Deepshikha Sikarwar. ADVERTISEMENT Edited Excerpts: How do you see Asian economies navigating the current turbulence? What is your prescription for policymakers? It is a difficult and unprecedented situation. There is tremendous uncertainty which impacts the Asian region, particularly economies exposed to external shocks because of their integration with the global markets. But, compared to the past, Asia is relatively strong because of sound macroeconomic policies and regional integration. Last year, developing Asia achieved 5% growth. If we continue to push the right policies, backed by sound macroeconomic interventions and structural reforms, while opening our economies, there's a high chance we can navigate the current situation effectively and emerge stronger. India is seen as the fastest growing economy by various global agencies. What is your assessment of the geopolitical challenges confronting the country? I agree with global agencies' assessment. I do believe that India is one of the strongest, most robust economies because of a strong domestic market and ongoing reforms. The ADB expects India's GDP at 6.7% this year (FY26) and 6.8% next year (FY27). This is 2 percentage points higher than the developing Asian economies. India can continue to be one of the fastest growing economies in the world by pushing ahead with reforms and sound economic policy.I appreciate and support the ongoing reform efforts of the Indian government. Measures have been taken to increase the competitiveness, particularly of manufacturing sector, such as emphasis on skills development. We are proud of our contributions to upgrade the national industrial training institutes. India's commitment to engage with the global market is really good and it should continue this open this really turbulent situation, it is important to support private sector development because it can bring about innovation, job creation and diversification in the economy through market mechanisms. ADVERTISEMENT Would you like to suggest any specific policy interventions? There are many elements and some of them India is already implementing. We are encouraging India to accelerate those. For instance, in trade, I appreciate the free trade agreement with the UK. It is also negotiating trade agreements with the EU and the US. Diversifying the industry as well as trading partners is a kind of insurance and also provides great opportunities for growth. There is big room to increase competitiveness, particularly in the manufacturing sector. We can support the upgrade of infrastructure, which will make the industry much more efficient. Human capital development is most important if India needs to reap a demographic dividend. The US tariffs seek to reset the global manufacturing order and supply chains. How do you see things panning out? This could have an enormous impact on the whole global economy, or even the geopolitical order. First is the direct negative demand shock. Trade will decrease and the trade uncertainty will stop or at least delay capital investment, which will decrease the aggregate demand. The supply chain disruption of trade will be quite a concern. The spill-over impact this uncertainty will create in financial and capital markets, including the foreign exchange market, is really worrying. This uncertainty will dampen investor confidence, bring in risk aversion, which will create the risk of capital outflow, as well as foreign exchange depreciation. But at the same time, it is a great opportunity to transform ourselves to be more resilient and stronger as a region. ADVERTISEMENT For Asia, this is probably the moment to transform their economies and to diversify. Two things: One is to diversify their own economies, industrial structures, trade partners and supply chains. Second is more integration, particularly regional and sub-regional, to create regional resilience against external shocks. This turnaround could lead to the emergence of more diversified, multiple and more robust supply chains. What will be ADB's support for India over the next few years? At the moment, India is not just the largest borrower in terms of volume, but also in terms of quality in covering all sectors, including cutting-edge and frontier hi-tech. ADB has committed over $5 billion in annual lending. Our strategy is aligned with your national strategy of becoming a developed country by 2047. The over $5 billion will include $4.5 billion annual lending to sovereign and $1 billion to non-sovereign, including private sector.. We are focusing on sectors such as skills development... The other area is urban development. Our ambition is to increase our lending to India's urban development to $10 billion over five years, including third-party capital. (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
a day ago
- Business
- Time of India
Tariff war will weigh on capital investment & diminish demand: ADB President Masato Kanda
Asian Development Bank (ADB) president Masato Kanda has unveiled a $10 billion five-year initiative to transform urban infrastructure across India. The amount includes third-party capital and will be used for metro extensions, new regional rapid transit system corridors, and urban infrastructure and services. India is one of the strongest economies because of a strong domestic market and ongoing reforms, Kanda, who was in New Delhi last week, tells Deepshikha Sikarwar. Edited Excerpts: How do you see Asian economies navigating the current turbulence? What is your prescription for policymakers? Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. It is a difficult and unprecedented situation. There is tremendous uncertainty which impacts the Asian region, particularly economies exposed to external shocks because of their integration with the global markets. But, compared to the past, Asia is relatively strong because of sound macroeconomic policies and regional integration. Last year, developing Asia achieved 5% growth. If we continue to push the right policies, backed by sound macroeconomic interventions and structural reforms, while opening our economies, there's a high chance we can navigate the current situation effectively and emerge stronger. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo India is seen as the fastest growing economy by various global agencies. What is your assessment of the geopolitical challenges confronting the country? I agree with global agencies' assessment. I do believe that India is one of the strongest, most robust economies because of a strong domestic market and ongoing reforms. The ADB expects India's GDP at 6.7% this year (FY26) and 6.8% next year (FY27). This is 2 percentage points higher than the developing Asian economies. India can continue to be one of the fastest growing economies in the world by pushing ahead with reforms and sound economic policy. I appreciate and support the ongoing reform efforts of the Indian government. Measures have been taken to increase the competitiveness, particularly of manufacturing sector, such as emphasis on skills development. We are proud of our contributions to upgrade the national industrial training institutes. India's commitment to engage with the global market is really good and it should continue this open policy. Live Events In this really turbulent situation, it is important to support private sector development because it can bring about innovation, job creation and diversification in the economy through market mechanisms. Would you like to suggest any specific policy interventions? There are many elements and some of them India is already implementing. We are encouraging India to accelerate those. For instance, in trade, I appreciate the free trade agreement with the UK. It is also negotiating trade agreements with the EU and the US. Diversifying the industry as well as trading partners is a kind of insurance and also provides great opportunities for growth. There is big room to increase competitiveness, particularly in the manufacturing sector. We can support the upgrade of infrastructure, which will make the industry much more efficient. Human capital development is most important if India needs to reap a demographic dividend. The US tariffs seek to reset the global manufacturing order and supply chains. How do you see things panning out? This could have an enormous impact on the whole global economy, or even the geopolitical order. First is the direct negative demand shock. Trade will decrease and the trade uncertainty will stop or at least delay capital investment, which will decrease the aggregate demand. The supply chain disruption of trade will be quite a concern. The spill-over impact this uncertainty will create in financial and capital markets, including the foreign exchange market, is really worrying. This uncertainty will dampen investor confidence, bring in risk aversion, which will create the risk of capital outflow, as well as foreign exchange depreciation. But at the same time, it is a great opportunity to transform ourselves to be more resilient and stronger as a region. For Asia, this is probably the moment to transform their economies and to diversify. Two things: One is to diversify their own economies, industrial structures, trade partners and supply chains. Second is more integration, particularly regional and sub-regional, to create regional resilience against external shocks. This turnaround could lead to the emergence of more diversified, multiple and more robust supply chains. What will be ADB's support for India over the next few years? At the moment, India is not just the largest borrower in terms of volume, but also in terms of quality in covering all sectors, including cutting-edge and frontier hi-tech. ADB has committed over $5 billion in annual lending. Our strategy is aligned with your national strategy of becoming a developed country by 2047. The over $5 billion will include $4.5 billion annual lending to sovereign and $1 billion to non-sovereign, including private sector.. We are focusing on sectors such as skills development... The other area is urban development. Our ambition is to increase our lending to India's urban development to $10 billion over five years, including third-party capital.
India Gazette
a day 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)
The Hindu
2 days 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!"
