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  Business   Economy  03 May 2018  India to pitch for increased lending from Asian Development Bank

India to pitch for increased lending from Asian Development Bank

PTI
Published : May 3, 2018, 7:27 pm IST
Updated : May 3, 2018, 7:27 pm IST

Subhash Chandra Garg would meet ADB president, where he would push for increasing the ADB's lending commitment to India.

India wants the Asian Development Bank (ADB) to increase lending to the world's fastest growing economy. (Photo: AFP)
 India wants the Asian Development Bank (ADB) to increase lending to the world's fastest growing economy. (Photo: AFP)

Manila: India wants the Asian Development Bank (ADB) to increase lending to the world's fastest growing economy to help bridge funding requirement for infrastructure development.

Economic Affairs Secretary Subhash Chandra Garg would meet ADB president Takehiko Nakao tomorrow where he would push for increasing the ADB's lending commitment 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 devote more resources for poverty alleviation and projects addressing climate change. ADB commits about USD 3 billion investment in a year, including that from its the private sector lending arm, for India.

"We wish to increase it. ADB has also been generally supportive about it ... The USD 3 billion is a commitment that ADB makes and disbursement takes place subsequently based on project implementation," said Garg who will attend the ADB board of governors meeting later in the week.

 

Stating that the ADB focuses on transport and energy sector in India, Garg said the ADB is now planning to make a "little more direct focus on poverty reduction and climate change".

"They (ADB) still continue to say that infrastructure is their main focus even going forward. We are, by and large, in line with what their strategic thinking is. "We continue to feel ADB has lot of experience and advantage in financing infra development in the country. But going forward if they change somewhat more towards social sector, poverty reduction that realignment is fine," Garg told PTI.

India is a founding member of the ADB and is currently the fourth largest shareholder and the largest borrower of the ADB sovereign lending since 2010. Manila-based ADB has so far committed sovereign loans totalling USD 35.9 billion to India.

 

The ADB board of governors from 67 member nations would meet here on May 5 for the bank's 51st annual meeting and deliberate on the theme- 'Linking People and Economies for Inclusive Development'.

Tags: asian development bank, economy, subhash chandra garg, economic affairs secretary, takehiko nakao
Location: Philippines, National Capital Reg, Manila