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COVID-19: At $3.92 billion, ADB's annual funding to India highest ever

ADB approved loans for sustainable urban development in secondary and smaller towns in Rajasthan and Madhya Pradesh.

May 15, 2021 / 12:29 PM IST
This is ADB's highest-ever annual lending commitment to India since the start of its lending operations in 1986 | Asian Development Bank (ADB) President Takehiko Nakao in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila. Photo: REUTERS

This is ADB's highest-ever annual lending commitment to India since the start of its lending operations in 1986 | Asian Development Bank (ADB) President Takehiko Nakao in front of the logo of ADB at its headquarters in Mandaluyong, Metro Manila. Photo: REUTERS


The Asian Development Bank has committed a record $3.92 billion in sovereign loans for 13 projects to India in 2020, including USD 1.8 billion in COVID-19 related projects to support the government's pandemic response, it said on May 14.

ADB has provided emergency assistance to contain COVID-19 and establish social protection measures for relief to the poor and other vulnerable groups, it said in a statement.

It also approved financing to help the government improve equitable access to comprehensive primary health care in urban areas.

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This is ADB's highest-ever annual lending commitment to India since the start of its lending operations in 1986, it said, adding it has also committed USD 356.1 million through its non-sovereign operations to India, including three COVID-19 support projects.

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"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 programme and build the health system's resilience against future shocks, with supplementary support to protect small businesses, and underpin education and social protection," said Takeo Konishi, Country Director for ADB in India.

It further said throughout 2020, ADB continued its regular assistance to energy, transport, urban development, and public sector management in India.

As per the ADB's release, the new projects committed in 2020 include USD 500 million to build a high-speed 82-kilometre Delhi-Meerut Regional Rapid Transit system corridor; energy sector loans to strengthen distribution network in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya and to build a 120-megawatt hydroelectric power plant in Assam.

In the urban sector, ADB approved loans for sustainable urban development in secondary and smaller towns in Rajasthan and Madhya Pradesh.

ADB also granted funds to support the West Bengal government's fiscal consolidation programme.

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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first published: May 15, 2021 12:29 pm

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