ADB Commits USD 2.6 Billion to India for Urban and Industrial Development in 2023
ADB provided USD 23.53 million in technical assistance and USD 4.1 million in grants, and committed over USD 1 billion for private sector projects.
May 30, 2024. By Abha Rustagi
Additionally, ADB provided USD 23.53 million in technical assistance and USD 4.1 million in grants and committed over USD 1 billion for private sector projects.
“ADB’s portfolio in 2023 supported the government’s priority agenda. We will continue to focus on projects and programs that accelerate India’s structural transformation, create jobs, address infrastructure gaps, promote green growth, and foster social and economic inclusiveness while deploying smart technologies and innovations,” said ADB Country Director for India Mio Oka.
“To maximize the development impact of our operations ADB will promote gender empowerment, domestic resource mobilization, regional integration, knowledge solutions, and capacity development,” added Oka.
Key projects in 2023 included additional funding for India’s national industrial corridor development program to boost manufacturing competitiveness and a loan for the Visakhapatnam–Chennai Industrial Corridor Development. ADB also committed two policy-based loans to support urban reforms and power sector shifts to renewable energy at the state level.
Other funded initiatives involved expanding urban services in Uttarakhand, Rajasthan, and Tripura, improving road connectivity in Bihar and Madhya Pradesh, enhancing the Delhi–Meerut rapid rail transit corridor, and promoting horticulture development in Himachal Pradesh.
ADB’s approach varies based on the development stage of states, prioritizing basic services and critical infrastructure in low-income states and focusing on transformational programs with policy and knowledge advice in more developed states.
In 2023, ADB supported the Ministry of Commerce and Industry in formulating a national logistics costs calculation framework and assisted the Government of Assam in developing a strategic urban sector framework. ADB also published a report detailing its support to India during the COVID-19 pandemic and recovery phases.
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