ADB's Commitment to India's Development | 31 May 2024

Source: ET

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.