Breaking News

You are here » Indian-Commodity  :  Economy  :  Govt wants to increase ADB's lending commitment to India

04-May2018

Govt wants to increase ADB's lending commitment to India

In order to meet funding requirement for infrastructure development, the government wants to increase the Asian Development Bank's (ADB) lending commitment to India, the world's fastest-growing major economy. Economic Affairs Secretary Subhash Chandra Garg would meet ADB president Takehiko Nakao where he would push for increasing the ADB's lending to India. Also realignment of the ADB's lending priorities in line with 'Strategy 2030' of the multilateral lender would be discussed.

India will support the ADB's plan to offer more resources for poverty mitigation and projects addressing climate change. ADB commits about $3 billion investment in a year, including that from its private sector lending arm, for India. Besides, Garg said that the $3 billion is a commitment that ADB makes and disbursement takes place subsequently based on project implementation. Stating that the ADB focuses on transport and energy sector in India, he said that the ADB is now planning to make a little more direct focus on poverty reduction and climate change.

The Secretary further said that ADB still continue to say that infrastructure is their main focus even going forward. He also said that they continue to feel ADB has lot of experience and advantage in financing infra development in the country. But, he said that going forward if they change somewhat more towards social sector, poverty reduction that realignment is fine. He added that Manila-based ADB has so far committed 209 sovereign loans totalling $35.9 billion to India.


Related News

View all news

India's industrial output growth surges 11-month high of 8.1% in October

India's industrial production measured by Index of Industrial Production (IIP) surged an 11-month high of 8.1% in the month of October 2018 as against 4.5% in September 2018 and 1.8 percent in October......

Govt need to consider permitting 100% FDI in multi-brand retail trade: CII

In order to promote growth in multi-brand retail trade, industry body the Confederation of Indian Industry (CII) in its latest report has stated that the government should consider permitting 100% foreign......

Direct tax collections jumps 15.7% in first eight months of FY19

The finance ministry stated that the income tax department has collected Rs 6.75 lakh crore in gross direct tax, comprising personal income tax (PIT) and corporate income tax (CIT), during the April-November......

Top News

View all news

Patels Airtemp receives settlement notice from SEBI

Patels Airtemp (India) has received from SEBI, Summary Settlement Notice vide its Letter dated December 12, 2018 for settlement amount of Rs 3,68,156 against violation of Regulation 7(2)(b) of SEBI (Prohibition......

IndiGo in initial discussion with Qatar, Turkish Airlines for global expansion: Report

In order to increase its global footprint, InterGlobe Aviation (IndiGo) is reportedly in preliminary discussion with Qatar Airways and Turkish Airlines. The Budget carrier is looking for interline and......

Talwalkars Lifestyles integrates with Growfitter

Talwalkars Lifestyles has integrated with Growfitter to introduce the country's first ever AI (Artificial Intelligence) based Incentivized Wellness Program. The Growfitter FITKIT Program is a technologically......