ADB committed USD 10 billion support for development of States in India

ADB (Asian Development Bank) has committed USD 10 billion support for infrastructure building and immediate development needs of less-developed States in India.

ADB President Takehiko Nakao yesterday said in New Delhi that the bank stands ready to meet immediate development needs of up to USD 5 billion over the five-year period for less developed states, including Uttar Pradesh, Bihar, Jharkhand, Odisha and Chhattisgarh, addressing critical infrastructure and capacity deficits.

ADB President, who was on a 3-day visit to India, also assured to expand the bank’s assistance to relatively lesser developed states in the area of power, transport, urban development, and health services.

Nakao also agreed to India’s suggestion to set up a regional hub in New Delhi for South Asia region. He also appreciated the Government reforms towards the GST implementation and termed them as historic.

Nakao met both Finance Minister Arun Jaitley and Commerce and Industry Minister Nirmala Sitharaman. ADB expects India to grow by 7.4 per cent in the current financial year and 7.6 per cent in 2018-19.

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