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The Asian Development Bank (ADB) is to provide lending assistance worth $7.4 billion to support inclusive and environmentally sustainable growth in the country. This funding assistance will be part of a new three-year business plan extending till 2013.
“A major thrust of ADB's India Country Operations Business Plan (COBP) for 2011-13 will be to support infrastructure development, particularly through public-private partnership (PPP) programmes.
“Supporting the Government's efforts to redress inter-State economic disparities is also a key cornerstone of the India Business Plan. Continued assistance for development of the vital energy sector by means of projects involving clean and renewable energy sources including solar power is another key focus area,” the Bank said in a statement.
Inclusive growth
In 2010, ADB approved loans amounting to $2.2 billion while its annual disbursement reached a record level of $1.7 billion, the Bank's Country Director, Mr Hun Kim, said.
“We very much look forward to continue to work closely with the Government of India in implementing the projects in the COBP to help promote inclusive growth and reduce poverty in the country,” he added.
Several of the projects approved in 2010 are innovative and focus on new areas, the statement adds.
Southern infrastructure
The $170-million agribusiness infrastructure development project, for example, will use an integrated value chain approach to develop agribusiness infrastructure to improve marketing of horticultural products.
The sustainable coastal protection and management investment programme amounting to $250 million, on the other hand, will use environment-friendly technology and natural protection measures for stabilising and protecting the coastlines of three States.
In addition, $250 million will be channelled towards supporting the Government's efforts to develop the tourism sector by upgrading infrastructure at tourist destinations in four States, the statement said.
Bridging disparities
In order to help bridge inter-State economic disparities, ADB will continue with its projects in the transport, energy and urban sectors in States such as Assam, Bihar, Chhattisgarh, Himachal Pradesh, Madhya Pradesh and Rajasthan.
It will also continue to provide assistance for the critical national rural roads development programme in Assam, Chhattisgarh, Madhya Pradesh, Orissa, and West Bengal and for public resource management in Assam and Mizoram.
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