ADB hikes India lending to $4 billion

    Asian Development Bank
    Concerned over the fact that infrastructure continues to be a major bottleneck in India, with an estimated investment shortfall of $230 billion a year, Asian Development Bank is all set to hike its annual lending to the country to a maximum of $4 billion between 2018 and 2022 to help infra building and fasten inclusive economic transformation. ADB's program in India will focus on three main pillars of activity during the 5-year period — boosting economic competitiveness to create more and well-paid jobs, improved access to infrastructure and services, and addressing climate change and improving climate resilience. The proposal was recently endorsed at new ADB Country Partnership Strategy for 2018- 2022. The new lending program, which includes private sector operations, is much higher than the average $2.65 billion a year in loans extended during 2012 and 2016. The lending will be complemented by technical assistance to help undertake strategic studies, build capacities, and prepare projects, increasing from the current average of $6.6 million in 2013-2016, it said in a statement, adding that the ADB will also explore co-financing opportunities, including climate funds for relevant projects.
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