ADB president meets PM Modi, proposes $25 bn support to India's development priorities

Masatsugu Asakawa greets PM Modi on India’s assumption of the G20 presidency and reaffirmed ADB’s support to the G20 agenda.

Asian Development Bank president Masatsugu Asakawa on Tuesday, February 22, 2023 called on Prime Minister Narendra Modi and conveyed ADB’s intention to provide USD 20-25 billion resources over five years to advance India’s aspirations for fast, inclusive, and green growth.

In a release, the Manila-based multilateral lending agency said its president in his meeting with the Prime Minister discussed a range of issues, including ADB support to India’s infrastructure and social development and climate actions.

ADB is now finalising the new five-year country partnership strategy (CPS) for India following a comprehensive stakeholder consultation process.  

“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," Asakawa said.

He also congratulated Mr. Modi on India’s assumption of the Group of 20 (G20) presidency and reaffirmed ADB’s support to the G20 agenda.

As a guest international organisation at the G20 meetings and Leaders’ Summit, the ADB is supporting the priorities of India’s presidency across the finance and sherpa tracks, the release said.

ADB started operations in India in 1986. At end-December 2022, it had committed USD 52.28 billion in sovereign lending in the country and USD 6.75 billion in nonsovereign lending and investment.