Page 6 - Asian Development Bank

IMGC to focus on strengthening partnerships with finance institutions: CEO

India Mortgage Guarantee Corporation (IMGC) would focus on strengthening partnerships with banks and financial institutions, a top official said on Tuesday. The company is backed by marquee investors -- Enact MI, Sagen (Brookfield Group), National Housing Bank, IFC (World Bank Group), And Asian Development Bank. The mortgage guarantee company, since its inception in 2012 has breached Rs 20,000 crore in home loan guarantees to over one lakh customers across 400 locations. In FY2022-23, IMGC doubled its market share in South India accounting 30 per cent of all originations in the region. The company guaranteed Rs 2,300 crore in home loans for over 18,000 families. "IMGC's expansion plans revolve around enhancing its participation in the housing ecosystem to enable first-time homeownership and provide ongoing support to existing homeowners," IMGC CEO Mahesh Misra said. "Strengthening partnerships with banks and financial institutions is a key focus for IMGC, ensuring that more India

FinMin, ADB organise workshop on Expected Loss-based Credit Rating System

The Ministry of Finance and Asian Development Bank (ADB) on Monday organised a workshop on Expected Loss-based Credit Rating Mechanism. The workshop was addressed by Economic Affairs Secretary Ajay Seth, the finance ministry said in a tweet. Around 120 representatives from banks, regulators, project developers, industrial associations, financial institutions and institutional investors participated in this workshop, it added. Experts from credit rating agencies, the Reserve Bank of India, banks, industry associations and financial institutions deliberated on the array of topics related to EL-based credit rating mechanism and their potential impact on infrastructure projects.

Cambodia about to graduate from least developed country status: ADB

It added that the Southeast Asian nation should consider forging new trade agreements with its major partners while improving the implementation and utilization of existing ones

ADB launches country partnership strategy for climate-resilient growth

It will focus on accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness, during its partnership period 2023-2027

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 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

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

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

How reward-driven are top-level appointments to World Bank and IMF?

Opinion is divided on the issue, with one section of experts and seasoned politicians claiming meritocracy isn't always at play, while another puts the choice down to plain pragmatism

World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24

Cite global slowdown spillover, policy tightening impact

ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks

Private consumption will be the main driver of growth, says international agency

ADB, Maldives sign $41mn financing package to support SMEs, tourism

The Asian Development Bank (ADB) signed a $41 million financing package with the Bank of Maldives (BML) on Tuesday to support locally owned small and medium-sized enterprises (SMEs) and tourism

Asian Development Bank to provide Rs 754 cr loan to SAEL Industries

Asian Development Bank (ADB) will provide a loan up to Rs 754 crore to SAEL Industries Ltd for setting up of biomass power plants in Rajasthan. The lender and SAEL have entered into a loan agreement, according to a release on Friday. SAEL is a solar and agricultural waste-to-energy company. It has developed a business model where crop residues are used as fuel in waste-to-energy projects. The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually. "ADB's support will fund the construction of five biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan," SAEL said in the release.

ADB teams call on Himachal CM, discusses sub-tropical horticulture project

The Chief Minister stressed on the plantation of various other fruit plants that can be grown in low-lying areas so that the fruit diversity in the area could also be increased

ADB President meets PM, proposes $25 bn for India's development priorities

Asian Development Bank President Masatsugu Asakawa on Tuesday called on Prime Minister Narendra Modi and conveyed ADB's intention to provide USD 20-25 billion resources over five years to advance India's aspirations for fast, inclusive, and green growth. In a release, the Manila-based multilateral lending agency said its President in his meeting with the Prime Minister discussed a range of issues, including ADB support to India's infrastructure and social development and climate actions. ADB is now finalising the new five-year country partnership strategy (CPS) for India following a comprehensive stakeholder consultation process. ADB will provide multifaceted support for India's key priorities, including the important infrastructure push under the PM's Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilizing domestic resources, and strengthening basic services in disadvantaged districts," Asakawa said. He also congratulated Modi

Sitharaman meets Asian Development Bank President, lauds support to India

Nirmala Sitharaman met ADB President Masatsugu Asakawa and acknowledged the swift response and support provided by the institution to all its developing member countries