ADB's sovereign lending to India stood at $2.6 bn in 2023
Read | S&P Global revises Indian economy outlook to positiveAs of 31 December 2023, ADB had committed 623 public sector loans, grants, and technical assistance totalling $55.3 billion to India, with its current sovereign portfolio in India including 67 loans worth $14.15 billion.Some of the other MDBs, which have backed key projects in India, include the World Bank Group, the International Monetary Fund (IMF), the International Fund for Agricultural Development (IFAD), and the Global Environment Facility (GEF).Interestingly, MDBs have been urged to make more finance available to emerging and developing economies (EDEs) for meeting development needs, mitigating climate risks and insulating from global shocks.Under the Indian presidency of the G20 in 2023, an expert committee headed by economists N.K.
Singh and Lawrence Summers have recommended the need for MDBs to increase their annual spending by $3 trillion by 2030, including $1.8 trillion for additional climate action and $1.2 trillion for achieving other sustainable development goals (SDGs).In a two-part report, released last year, Singh and Summers emphasised the need for MDBs to mobilise $240 billion in private capital by shifting from risk avoidance to informed risk-taking, apart from introducing new lending instruments like pooled portfolio guarantees and hybrid capital.Milestone Alert!
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