ADB commits USD 2.6 billion in sovereign lending to India
Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.
ADB also extended USD 23.53 million in technical assistance and USD 4.1 million in grants under the sovereign portfolio.
In addition, ADB committed over USD 1 billion for private sector projects during the past year, the Manila-based multi-lateral development bank said in a statement.
«ADB's portfolio in 2023 supported the government's priority agenda. We will continue to focus on projects and programmes that accelerate India's structural transformation, create jobs, address infrastructure gaps, promote green growth, and foster social and economic inclusiveness while deploying smart technologies and innovations,» ADB Country Director for India Mio Oka said.
In 2023, ADB approved additional funding to support India's national industrial corridor development programme to enhance its manufacturing competitiveness along with a loan for Visakhapatnam-Chennai Industrial Corridor Development, it said.
Two policy-based loans were committed to support the government's urban reforms agenda at the state level and power sector reforms to facilitate the shift to renewable energy, it said.
In addition, ADB provided funding for expanding urban services in Uttarakhand, Rajasthan, and Tripura, improving road
