ADB commits record USD 3.92 Bn to India in 2020

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ADB commits record USD 3.92 Bn to India in 2020 By TII News Service May 14, 2021 , Manila
THE Asian Development Bank (ADB) committed a record USD 3.92 billion in sovereign loans for 13 projects to India in 2020, including USD 1.8 billion in projects to support the government’s COVID-19 pandemic response. "This is ADB’s highest-ever annual lending commitment to India since the start of its lending operations in 1986," the development lender noted on Friday. ADB also committed USD 356.1 million through its non-sovereign operations to India, including three COVID-19 support projects. As part of its pandemic support to India, ADB provided emergency assistance to contain the disease and establish social protection measures for relief to the poor and other vulnerable groups. It also approved financing to help the government improve equitable access to comprehensive primary health care in urban areas. "Going forward, ADB stands ready to provide additional resources to address India’s many COVID-19-related challenges, including funds to expedite the country’s ongoing vaccination program and build the health system’s resilience against future shocks, with supplementary support to protect small businesses and underpin education and social protection," said ADB Country Director for India Mr Takeo Konishi. ADB is also expanding assistance to quality infrastructure development to support India’s fast economic recovery. Assistance was made in energy, transport, urban development, and public sector management in India. The new projects committed in 2020 included USD 500 million to build a modern, high-speed 82 km Delhi-Meerut Regional Rapid Transit system corridor, energy sector loans to strengthen distribution networks in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya. In the urban sector, ADB approved loans for sustainable urban development in secondary and smaller towns in Rajasthan and Madhya Pradesh. ADB also committed funds to support West Bengal’s fiscal consolidation program. Through its project readiness financing, ADB committed funds to provide Tripura and Himachal Pradesh with capacity development support for planning and designing.

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