The green growth agenda would drive ADB’s India programme to help the country fulfill its global climate action commitments
The Asian Development Bank (ADB) President Masatsugu Asakawa on Tuesday conveyed to Prime Minister Narendra Modi that the multilateral bank was ready to provide $20–$25 billion over five years to aid India’s aspirations for green growth.
The green growth agenda would drive ADB’s India programme to help the country fulfill its global climate action commitments. ADB will focus on supporting the decarbonization of transport and the clean energy transition, including carbon market development and circular economy transition, according to a statement.
In a meeting with Modi, Asakawa discussed ADB support to India’s infrastructure and social development and climate actions, scaling up ADB assistance to meet the country’s priority development needs, and ADB’s country partnership strategy (CPS) for India, 2023–2027.
“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.
Climate change adaptation actions are planned through projects on flood management, coastal protection, water use efficiency improvement, and agriculture value chain development.
ADB is supporting the priorities of India’s G20 presidency across the finance and sherpa tracks.
Asakawa also met with Finance Minister Nirmala Sitharaman and outlined ADB efforts to achieve annual regular lending of $4 billion from its sovereign operations in the next few years.
ADB started operations in India in 1986. As of 31 December 2022, it had committed $52.28 billion in sovereign lending in the country and $6.75 billion in nonsovereign lending and investment. ADB’s current India portfolio comprises 64 projects worth about $16 billion across the transport, urban, energy, human development, agriculture and natural resources, and finance sectors.
https://www.financialexpress.com/economy/adb-offers-25-billion-green-funding-to-india/2988349/
