Rapid Fire
ADB's Commitment to India's Development
- 31 May 2024
- 1 min read
The Asian Development Bank (ADB) has made a significant commitment of USD 2.6 billion in sovereign lending (important source of financing for countries around the world) to India in 2023, focusing on various development projects and initiatives.
- ADB's portfolio in 2023 aligned its portfolio with India’s priorities, focusing on structural transformation, job creation, infrastructure, green growth (renewable energy), urbanization, industry, power, and climate resilience, and inclusiveness.
- Additional funding was approved to bolster India's national industrial corridor development program, with specific support for the Visakhapatnam-Chennai Industrial Corridor.
- The bank's emphasis on sustainable development aligns with global efforts to achieve the Sustainable Development Goals (SDGs) and eradicate poverty.
- ADB is a multilateral development bank established in 1966 with a mission to foster economic growth and cooperation in the Asia-Pacific Region.
- It is headquartered in Manila, Philippines, and has 68 members. It is governed by a board of governors and funded through member contributions, retained earnings from lending, and loan repayments.
Read more: India, Asian Development Bank Ink Deal for Uttarakhand, Asian Development Bank (ADB) Loan to Himachal Pradesh
