Asian Development Bank's $2.6 Billion Sovereign Lending to India in 2023
The Asian Development Bank (ADB) committed $2.6 billion in sovereign lending to India in 2023, aiming to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience.
The loans target projects fostering India’s structural transformation, job creation, infrastructure enhancement, green growth, and socioeconomic inclusiveness, integrating smart technologies and innovations.
Funding includes initiatives such as the Visakhapatnam–Chennai Industrial Corridor, urban service improvement in Uttarakhand, Rajasthan, and Tripura, road connectivity in Madhya Pradesh and Bihar, horticulture development in Himachal Pradesh, and expansion of the Delhi–Meerut rapid rail transit corridor.
Beyond financial aid, ADB offers knowledge support through technical and operational studies, aiding in areas like national logistics costs calculation framework and urban sector development strategies for states like Assam.
ADB also extended $23.53 million for technical assistance and a $4.1 million grant, alongside over $1 billion in loans to the private sector in 2023, with grants exempting repayment obligations.
India, a member since the ADB’s inception in 1966, remains its largest borrower, receiving loans, grants, and technical assistance totaling $55.3 billion. India ranks fourth among ADB shareholders, with the United States, Japan, China, and Australia as the top shareholders.
Established in 1966 with India among its founding members, ADB operates as a regional multilateral institution, focusing on the Asia-Pacific region. With 68 members, it provides loans, grants, technical assistance, and equity investments to foster social and economic development, headquartered in Mandaluyong City, Philippines, under the presidency of Masatsugu Asakawa, a Japanese citizen.
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