| Work Detail |
In 2023, the Asian Development Bank (ADB) pledged $2.6 billion in sovereign lending to India, targeting projects aimed at urban development, industrial corridor enhancement, power sector reforms, climate resilience, horticulture support, and connectivity improvement. Additionally, ADB provided $23.53 million in technical assistance and $4.1 million in grants. The bank also committed over $1 billion for private sector projects within the year.
Mio Oka, ADB Country Director for India, highlighted the bank’s support for India’s priority agenda, focusing on structural transformation, job creation, infrastructure gap reduction, green growth promotion, and social and economic inclusiveness. ADB aims to maximize development impact by promoting gender empowerment, resource mobilization, regional integration, knowledge solutions, and capacity development.
In 2023, ADB approved additional funding for India’s national industrial corridor development program to boost manufacturing competitiveness, along with a loan for the Visakhapatnam–Chennai Industrial Corridor Development. Two policy-based loans supported urban reforms and power sector reforms to facilitate renewable energy adoption. ADB also funded the expansion of urban services in Uttarakhand, Rajasthan, and Tripura, road connectivity improvements in Bihar and Madhya Pradesh, the Delhi–Meerut rapid rail transit corridor expansion, and horticulture development in Himachal Pradesh.
ADB’s approach varies by state development levels, prioritizing basic services and critical infrastructure in low-income states, while focusing on transformational programs and policy advice in more developed states. The bank’s knowledge support included technical and operational studies, such as aiding the Ministry of Commerce and Industry with the national logistics costs calculation framework and assisting Assam in urban sector development.
ADB, established in 1966 and owned by 68 members, remains committed to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, with ongoing efforts to eradicate extreme poverty. |
