Economy

ADB committed $3.92 billion lending in 2020

Our Bureau New Delhi | Updated on May 14, 2021

ADB’s lending assistance will be further supported with knowledge work to help develop transformative projects, Says Takeo Konishi, Country Director for ADB in India

Asian Development Bank (ADB) on Friday said that it committed $3.92 billion in sovereign loans for 13 projects to India in 2020. This includes over $1.8 billion fund related with Covid-19.

The multilateral agency claims it is the highest-ever annual lending commitment to India since the start of its lending operations in 1986. ADB also committed $356.1 million through its non-sovereign operations to India, including three Covid-19 support projects.

“Going forward, ADB stands ready to provide additional resources to address India’s Covid-19 related challenges, including funds to expedite the ongoing vaccination programme and build the health system’s resilience against future shocks, with supplementary support to protect small businesses, and underpin education and social protection,” Takeo Konishi, Country Director for ADB in India said.

Also read: ADB provided $1.5-billion fiscal support to India for pandemic response

Further, he mentioned that the agency is also expanding assistance to quality infrastructure development to support India’s fast economic recovery. “ADB’s lending assistance will be further supported with knowledge work to help develop transformative projects,” Konishi said.

Among the new projects committed in 2020 included $500 million to build a modern, high-speed 82-kilometers Delhi-Meerut Regional Rapid Transit system corridor; Energy sector loans to strengthen distribution network in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya and to build a 120-megawatt hydroelectric power plant in Assam.

In the urban sector, ADB approved loans for sustainable urban development in secondary and smaller towns in Rajasthan and Madhya Pradesh.

Published on May 14, 2021

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