Page 7 - Asian Development Bank

Worsening global outlook: ADB lowers growth forecast for developing Asia

Asian Development Bank has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook

ADB cuts developing Asia's GDP outlook for 2023 amid global growth concerns

Growth in China, the largest economy in Asia, is expected to slow in 2022 to 3% against a 3.3% expansion predicted in a September report

ADB approves $250 mn policy-based loan to strengthen logistics sector

The ADB on Friday said it has approved a USD 250 million policy-based loan to support India's wide-ranging reforms that aim to strengthen and modernise the country's logistics infrastructure, improve efficiency, and lower costs. The loan will finance the first sub-program of the strengthening multimodal and integrated logistics ecosystem program, which supports the government's efforts to create a comprehensive policy, planning, and institutional framework at the federal, state, and city level, it said in a release. "This will rationalise India's high cost of logistics and reduce greenhouse gas emission," the Asian Development Bank (ADB) said. It further said the program will help to strengthen supply chains by simplifying external trade logistics and domestic cargo movements, modernising warehouses, improving business processes with integrated digital platforms, and stimulating private investments in the sector. The recently approved National Logistics Policy and the Prime Ministe

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.

Wabag inks agreement with Asian Development Bank to raise Rs 200 cr

Water technology player VA Tech Wabag on Friday said it has signed an agreement with Asian Development Bank (ADB) to raise Rs 200 crore through unlisted non-convertible debentures (NCDs) carrying a 5-year and 3-month tenor. This NCD will be subscribed by ADB over a 12-month period, Wabag said in a statement. The Rs 200 crore capital raised through this NCD issuance will be used towards working capital requirements of Wabag and will be within the current borrowing limits, which will, therefore, not increase the debt levels of the company, it added. "This is an important milestone for us as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with us is a key validation of its focus on clean, green and sustainable technologies. We have been working for many years on projects funded by multilateral agencies, including ADB," Wabag Chief Financial Officer Skandaprasad Seetharaman said. The disposal of wastewater without proper ...

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 ...

Empowering Gati Shakti

Done the right way, the smart platform for infrastructure planning and execution could lead to tremendous productivity benefits

Asian Development Bank to provide $2.3-$2.5 bn for flood-hit Pakistan

The Asian Development Bank on Wednesday announced that it will provide USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods in Pakistan that have affected more than 33 million people. The announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye, according to a press release issued by the Finance Division. During the meeting, Yong expressed sympathy for the loss of lives and properties due to the floods. The ADB said it will provide aid of USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan. The devastating floods have left more than 1,600 persons dead and hundreds of thousands injured since mid-June. He said that USD 1.5 billion out of the committed assistance will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal would be put before the bank's board this month. He a

Structural reforms keep economic recovery on course, says DEA secy

India today is focusing on infrastructure led capital spending aimed at enhancing productivity and employment while ensuring fiscal prudence with 'targeted' interventions: Ajay Seth

ADB commits $14 billion to ensure food security in Asia Pacific

The Asian Development Bank on Tuesday announced a USD 14 billion fund to fight food security crisis in Asia Pacific, threatened by adverse climate and exacerbated by Russia-Ukraine war choking supply lines, triggering soaring food prices. The multilateral funding agency is hosting its 55th annual meeting at its headquarters in Manila from September 26-30 in a hybrid mode with 45 governors of the member nations attending in person after 2019. Others will join virtually. "In this meeting, we are discussing our region's path to recovery as new uncertainties facing our developing member countries. These headwinds include food security, inflation and debt crisis. All these challenges need to be understood in rising threats of climate change," ADB President Masatsugu Asakawa said in a press conference addressed virtually. Offering a few reflections of the situation the Asia and the Pacific region is facing, he said the social and economic conditions have changed. "The pandemic was difficu

ADB cuts FY23 GDP forecast for India to 7% citing sluggish global demand

Earlier forecast was 7.2%; institution says high inflation is another growth hurdle, cut FY24 forecast to 7.2% from 7.8%

ADB cuts India's GDP forecast to 7% on high inflation, monetary tightening

The Asian Development Bank (ADB) has slashed India's economic growth projection for 2022-23 to 7 per cent from 7.2 per cent earlier, citing higher than expected inflation and monetary tightening. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in a supplement to its flagship ADO report on Wednesday. "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending in March 2023) and 7.2 per cent for FY2023 (ending in March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," it said. The ADO expects the Chinese economy to expand by 3.3 per cent in 2022 rather than the 5 per cent forecast earlier. Lockdowns from the zero-COVID strategy, problems in the property sector, and weaker external demand continue weighing on the economic activity in China, said the

ADB cuts outlook for developing Asia growth on slowing China expansion

The Asian Development Bank cut its growth forecast for China and also lowered its outlook for developing Asia amid rising interest rates, a prolonged war in Ukraine and Beijing's Covid Zero policy

ADB to provide $96.3-mn loan to improve water supply in Himachal Pradesh

The Asian Development Bank (ADB) will provide a loan of USD 96.3 million (about Rs 769 crore) for a project to provide safe drinking water and improve water supply and sanitation services in Himachal Pradesh. An agreement in this regard was signed between the multilateral lending agency and the central government. In a release, the finance ministry said more than 90 per cent of the state's rural population has access to drinking water, but the water supply infrastructure needs revamping for efficient and improved service quality. The ADB project will connect 75,800 households to the service, providing uninterrupted water supply to about 3,70,000 residents across 10 districts. To improve water supply and sanitation services, the project aims to construct 48 groundwater wells, 80 surface water intake facilities, 109 water treatment plants, 117 pumping stations, and 3,000 kms of water distribution pipelines, it said. A pilot fecal sludge management and sanitation programme will also

ADB approves Rs 770 cr loan for safe drinking water project in Himachal

The ADB project will connect 75,800 households to the service, providing uninterrupted water supply to about 370,000 residents across 10 districts.

ADB slashes India growth forecast to 7.2% for FY23, sees higher inflation

Private investment will soften due to higher cost of borrowing for firms, says development bank's outlook

Analysts slash India's GDP forecast amid high inflation, recession fears

On Thursday, ADB lowered India's growth forecast from 7.5 per cent to 7.2 per cent for FY23. Earlier on July 18, US-based Morgan Stanley also slashed India's GDP growth forecast to 7.2 per cent

Govts should mobilise more domestic resources via tax reforms: Albert Park

In an Q&A, ADB Chief Economist Albert Park tells that countries in region may not be able to carry on with large expenditures and social transfers meant for pandemic, given rising debt burden

Sri Lanka PM appointed as finance minister, to lead debt talks with IMF

He has held talks with foreign envoys, including from India, China and the US, and discussed with representatives from ADB and World Bank ways to replenish food, fertilizer and medicine supplies

ADB considering loan to Maldives bank to help nation's MSMEs: Ashok Lavasa

'What the ADB is trying to do is to incorporate elements of sustainability in tourism infrastructure,' he said