ADB to retain $2 bn lending for India for next 3 years

However, ADB chief didn't specify which new projects will get the funding

Asian Development Bank President Takehiko Nakao today said lending to India will be maintained at $2 billion a year for the next three years, but did not specify which new projects would get the funding.

 

For the entire Asian region, ADB would be lending at least $10 billion a year, he told reporters at the concluding day of the four-day annual general meeting of the board of governors of the development bank.

 

When asked that it is less than $12 billion lent last year, Nakao said he said at least $10 billion and not $10 billion. 

 

He said while the need of augmenting capital resources was felt, no exact decision was taken as to how is to be done. 

 

To a query, he agreed that equity financing could be considered by ADB board of governors, but said this route of funding is risky and be carefully thought of.

 

India had yesterday asked ADB to lend for its infrastructure needs, pegged at $ one trillion for the 12th Five-Year Plan (2012-13 to 2016-17).

 

On proposed Brics bank, he said if launched ADB would cooperate with it.