Page 3 - Adb

ADB approves $350 mn loan to help support SL's economic stabilisation

Sri Lanka has embarked on bold reforms to address the causes of both internal and external imbalances and return to a sustainable debt trajectory, the ADB said

ADB, India signs $141.12 mn loan for industrial corridor development in AP

The load Is part of a larger $500 million multi-tranche financing facility approved by the Asian Development Bank in 2016

ADB approves $300 mn loan to improve transport connectivity in Nepal

The Asian Development Bank (ADB) has approved a $300 million loan to improve transport connectivity in Nepal to international trade routes, particularly to India and Bangladesh.

'Support replacing charter lending limit', says FM Nirmala Sitharaman

Met South Korean FM and invited other investors to take forward investment in India's infrastructure sector

ADB to explore risk-factored approach for lending to developing nations: FM

Finance minister Nirmala Sitharaman on Thursday said India encourages ADB to explore adopting innovative, risk-factored approach for lending to the developing member countries (DMCs). During her intervention in the Governors Plenary meeting of Asian Development Bank (ADB), she expressed India's support to remove the charter lending limit from the ADB Charter altogether and relocating the limitation to the Board of Directors-approved Capital Adequacy Framework (CAF). CAF is designed to protect the risk-bearing capacity of ADB without relying on callable capital, and to maintain ADB's ability to lend even during crises and after a large non-accrual shock. Sitharaman, representing as Governor for India in 56th ADB Annual Meeting, expressed hope that the open discussions in the Plenary will lead to common ground and resolution of many issues and provide the appropriate guidance to the bank. "India encourages ADB to explore adopting innovative, risk-factored approach for lending to the

'WTO not listening to developing nations', says FM Nirmala Sitharaman

Sitharaman stressed that there was also a need to involve the private sector to step up investment and innovation

ADB exploring options to raise funds via rupee denominated bonds: President

Multilateral lending agency ADB is looking at the possibility of raising fresh rupee denominated bond to avoid foreign exchange risk, its president Masatsugu Asakawa said on Tuesday. Asian Development Bank (ADB) proposes to lend up to USD 25 billion in the next five years till 2027 to fund India's infrastructure building as well as green projects. The proposal is likely to be taken up for approval by the ADB Board. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," Asakawa said ahead of the 56th annual meeting of ADB Board of Governors. The meeting would be attended by finance minister Nirmala Sitharaman. Raising funds in local currency reduces forex volatility, he told reporters here. ADB, which provides significant assistance to India, had raised funds in rupee denominated bonds or masala bonds to finance projects in the country. The ADB had earlier raised Rs 850 crore (USD 118 million) through Indian rupee-linked 10-year ...

Support India with more concessional climate finance: FM asks ADB

Finance minister Nitmala Sitharaman on Tuesday met ADB president Masatsugu Asakawa and urged the multilateral funding agency to to support India with more concessional climate finance, as the country's economic progress can have huge positive impact regionally and globally. During the bilateral meeting with the president here, Sitharaman said India continues to be the most significant country for ADB's sovereign and non-sovereign operations. She also expressed support to Asian Development Bank (ADB) for innovative financing mechanisms to enhance the lending capacity of the bank. She advised ADB to introspect and assess how the bank can effectively support developing member countries. "FM Smt. @nsitharaman urged @ADB_HQ to support India with more concessional #ClimateFinance, as India's economic and developmental progress can have huge positive impact regionally and globally," a tweet from the finance ministry said. Asakawa during the meeting reiterated ADB's commitment of providin

Nirmala Sitharaman meets ADB chief, says India remains key partner

Sitharaman also expressed support to ADB for innovative financing mechanisms to enhance the lending capacity of the bank

ADB may look at fresh issuance of rupee denominated bonds for resources

ADB president Masatsugu Asakawa on Tuesday said the bank will explore the option of raising resources via rupee denominated bonds. Raising funds in local currency reduces forex volatility, he said here. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," he said. The decision will be based on market condition, demand and supply, he added. In the past, multilateral funding agency Asian Development Bank (ADB) raised funds in rupee denominated bonds to finance projects in the country. In January 2021, the ADB listed 10-year masala bonds or Rupee denominated bonds, worth Rs 300 crore on global securities market platform of India INX, the international exchange located at International Financial Services Center- Gift City in Gujarat. Prior to this, the ADB raised Rs 850 crore, about USD 118 million, from a new issue of offshore Indian rupee-linked 10-year bonds. This represented ADB's first new maturity raised in Indian rupees sinc

Pakistan becomes largest recipient of ADB funded programmes in 2022

Owing to the economic crisis led by political and geopolitical uncertainties, Pakistan has become the largest recipient of the Asian Development Bank (ADB)-funded programmes/projects in the year 2022

Asian Development Bank operations reach $20.5 bn in 2022: Report

The lender financed institutional reforms to support economic recovery, strengthened public service delivery and growth in key economic sectors

Asian Development Bank agrees for funding Rs 1,311.20 cr tourism projects

The Asian Development Bank (ADB) has agreed in principle to provide Rs 1,311.20 crore under phase-1 of the proposed infrastructure development investment programme, Chief Minister Sukhvinder Singh Sukhu said on Tuesday. The State Government has been laying special emphasis for making Himachal the best tourist destination in India by developing unexplored tourist places in a phased manner. The Chief Minister said that this would help in the sustainable development of the tourism sector. The projects components to be covered under the first phase are beautification of Palampur, convention centre at Dharamshala, thematic cum green Park at Pragpur, wellness centre at Dharamshala, Shimla, Nadaun and Kullu-Manali, high end fountain tourist facility at Dharamshala. Besides, wayside amenities at Mandi-Kullu National Highway, Nadaun and Kaleshwar Mahadev Kangra, rafting cum water park complex at Nadaun, Water sports equipment as shikaras, house boats, jetties, water biking at Pong Dam, at ..

Greener trade, investment crucial to face Asia Pacific climate change: ADB

The Asian Development Bank (ADB) on Tuesday said greener trade and investment are crucial for tackling climate change in Asia Pacific, and incorporating a separate chapter on efforts to mitigate environmental concerns in regional trade agreements can help ensure their effectiveness in achieving climate goals. The Asian Economic Integration Report (AEIR) 2023, released by ADB said Asia is one of the most vulnerable regions to climate change risks, yet it emits the largest volume of carbon dioxide. Annual temperatures have risen faster in the last 30 years than in any other region, and are now 0.86C above the 19812010 average. Asia is also increasingly facing more extreme precipitation incidences such as storms, floods, and landslides, having borne the brunt of almost 40 per cent of disasters worldwide in the past 2 decades. Ironically, it is responsible for about a half of global annual carbon dioxide (CO2) emissions, the AEIR said. Asia and the Pacific's remarkable growth has lift

India govt, ADB sign $1.2 bn loan agreements for infrastructure projects

The Indian government and ADB on Tuesday signed loan agreements totalling $1.22 billion for developing infrastructure in various Indian states, a statement from the finance ministry said

Bangladesh, ADB ink deals worth $627mn for development, climate projects

The Asian Development Bank (ADB) and the Bangladesh government have signed loan agreements worth $627 million for the implementation of development and climate resilience projects

ADB approves $780 mn loan to expand Chennai's metro rail network

In 2021, ADB committed a record $4.6 billion in sovereign loans to India.

ADB clears $350 million loan to improve road connectivity in Maharashtra

Multilateral funding agency Asian Development Bank (ADB) on Friday approved a USD 350 million (about Rs 2,900 crore) loan to improve the road connectivity of key economic areas in Maharashtra. The Connecting Economic Clusters for Inclusive Growth in Maharashtra project will further develop the state's core road network in the Ahmednagar, Hingoli, Jalna, Kohalpur, Nagpur, Nanded, Nashik, Pune, Sangli and Satara districts, ADB said in a statement. It will help connect underdeveloped rural communities with off-farm opportunities and markets, improve access to health and social services and improve agricultural value chains by reducing transport costs for small and medium-sized enterprises, it said. It will build on the Maharashtra State Road Improvement Project approved by ADB in April 2020 to upgrade state highways and major district roads, it added. It further said the project will upgrade at least 319 kilometres (km) of state highways and 149 km of district roads, incorporating ...

India wants ADB to increase equity base to strengthen lending operations

India wants the multilateral funding agency ADB to increase its equity base through another round of general capital increase with a view to strengthening its lending operations. Speaking at the 55th Annual Meeting of ADB, India's Economic Affairs Secretary Ajay Seth said rising commodity prices are endangering food security. "We are meeting in the backdrop of tightening of monetary policies, slowdown of the global economy, supply-chain disruptions, unprecedented inflation and rise in commodities prices endangering food security and livelihoods and the developmental gains made so far," Seth said, the Alternate Governor for the ADB's annual meeting. Fiscal space has now considerably reduced and the surge in public debt has limited the space for additional borrowing and worsened debt vulnerabilities, he said. Increase in private sector operations is the need of the hour to leverage the limited capital of ADB, Seth said developing more affordable and innovative financing solutions wil

ADB explains why RBI may slow down on rate cuts till next year

With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier. Inflation will remain elevated this year and the next, ADB said in an update to its flagship Asian Development Outlook (ADO) 2022 report. "This Update forecasts the inflation rate averaging 6.7 per cent in FY2022 (fiscal ending in March 2023) before moderating to 5.8 per cent in FY2023 (ending in March 2024), just below the central bank target range of 2 - 6 per cent," it said. Both forecasts are higher than ADO 2022's projections. Even though supply pressures