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ADB, Centre sign $200 mn loan for expanding urban services in Rajasthan

The central government and the Asian Development Bank (ADB) on Friday signed a USD 200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project. The additional financing will support the Rajasthan government in reducing basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies, the finance ministry said in a statement. The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state's water and sanitation sector to deepen private sector engagement, the statement said. A total of 1,451 km of water supply pipes, 1,110 km of sewer pipes have been laid as part of the ongoing project, which was approved in September 2020, while 68,098 households have been connected

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ADB retains India's economic growth forecast at 6.4% for current fiscal

It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024

Asian Development Bank to focus on urban schemes in new India strategy

The new strategy will focus on ADB deepening its engagement with the country and supporting India's drive for robust, climate-resilient, and inclusive growth

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