Asian Development Bank (ADB) has announced that it has devoted to deliver USD 3 billion in autonomous loans to India in 2018, the utmost level of assistance since autonomous operations commenced in the country in 1986, believed the annual report of multilateral lending agency. In all, the Asian Development Bank (ADB), owned by 68 member countries, dedicated a total of USD 3.88 billion, comprising autonomous loans and co-financing during the year ended December 2018.
The mandate for ADB assistance sustained to develop in 2018. New pledges comprised USD 21.6 billion in loans, grants and investments from ADB's own resources, surpassing the target of USD 19.71 billion and up 10 per cent from 2017, held the report.
Private sector operations stretched USD 3.14 billion, a 37 per cent upsurge from 2017, which is 14.5 per cent of ADB's complete obligation.
ADB also effectively mobilized USD 14 billion in co-financing from two-pronged and multifaceted agencies and other financing partners, comprising USD 7.17 billion in co-financing from ADB's private sector operations.
"In India, ADB dedicated USD 3 billion in sovereign loans in 2018, the highest level of assistance since sovereign operations began in the country," the report supposed.
The Manila-headquartered ADB dedicated numerous projects in India, including in Bihar, Himachal Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, Assam and Odisha.
The report also noted that in India, ADB provided a USD 100-million loan to Ostro Kutch Wind, a renewable energy company owned by investment funds under the management of Actis Capital, for constructing and operating a 250-megawatt wind power project in Gujarat.
Among others, it also provided USD 30 million in equity and USD 20 million in debt security to Annapurna Finance, a microfinance company.
In March 2018, ADB signed a cooperation arrangement with the International Solar Alliance, headquartered in India, to encourage solar energy deployment across Asia and the Pacific, predominantly in South Asia.
The agreement includes support for solar power generation, solar-based minigrids, and transmission systems for integrating solar energy into grids.
The alliance's key goals include global deployment of over 1,000 gigawatt of solar generation capacity and investment of over USD 1 trillion into solar energy by 2030.
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