PM Modi and ADB President Deliberates to boost ties in RE, E-Mobility

Nakao said that ADB stands ready to commit more than $12 billion lendings in the next three years, 2020–2022, averaging annually over $3 billion for sovereign operations and $1 billion for non-sovereign operations

September 02, 2019. By News Bureau

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Prime Minister Narendra Modi met Asian Development Bank (ADB) President, Takehiko Nakao in New Delhi lately and deliberated ways to further develop their partnership in areas such as renewable energy, solar-pump irrigation, electric vehicle and battery.

According to the ADB statement, other areas comprised the promotion of new technologies and innovation, fintech, sustainable tourism, and the recycling of plastics.

Nakao said that ADB stands ready to commit more than $12 billion lending in the next three years, 2020–2022, averaging annually over $3 billion for sovereign operations and $1 billion for non-sovereign operations.

“India is one of the fastest growing economies in Asia and the Pacific, maintaining a growth rate of about 7.5 per cent on average in the last five years. ADB expects the country’s growth in 2019 at 7 per cent and in 2020 at 7.2 per cent, despite downside risks in the global economy,” said ADB President, Nakao

According to the declaration, Nakao also praised the Indian government’s vision to make India a $5-trillion economy during Modi’s second-term in office and reiterated ADB’s commitment to helping bolster the country’s inclusive growth and rapid economic transformation to achieve this vision.

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