After meeting PM Modi, ADB head proposes $25 billion for India’s green growth

Asian Development Bank (ADB) President Masatsugu Asakawa met Prime Minister Narendra Modi on Tuesday and discussed India’s various development priorities.

After the meeting with PM Modi, ADB said in a release that president Asakawa conveyed its intention to provide $20-25 billion in support over the next five years to advance the country’s aspirations for fast, inclusive, and green growth. PM Modi and ADB’s Asakawa discussed a range of issues, including the bank’s support of India’s infrastructure and social development, and climate actions.

Asakawa congratulated PM Modi on India’s assumption of the G20 Presidency and reaffirmed the bank’s support for the G20 agenda.

“India and ADB have had a long and valuable partnership, and we look forward to enhancing this to tackle the region’s complex development challenges,” Asakawa said in the release.

“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,” he added.

Further, the ADB said it will focus on supporting the decarbonization of transport and the clean energy transition.

Congratulating PM Modi for effectively combating the Covid-19 pandemic and ensuring quick post-pandemic recovery, Asakawa said despite the disruptions caused by the pandemic, India remains the fastest-growing major economy with an expected 7 per cent growth in the financial year 2022-23.

Besides calling on PM Modi, he also met Union Finance Minister Nirmala Sitharaman.

The release stated Asakawa will visit the ADB-funded Delhi-Meerut Regional Rapid Transit System Investment Project and travel to Bengaluru to participate in the G20 Finance Ministers and Central Bank Governors meeting scheduled for February 24-25.

ADB started operations in India in 1986 and its current India portfolio comprises 64 projects worth about $16 billion across transport, urban, energy, human development, agriculture and natural resources, and finance sectors.

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