Wednesday, February 21, 2024
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HomeNewsIndustry NewsADB offers $25 billion green funding to India

ADB offers $25 billion green funding to India

The Asian Development Bank (ADB) President Masatsugu Asakawa conveyed to Prime Minister Narendra Modi that the multilateral bank was ready to provide $20–$25 billion over five years to aid India’s aspirations for green growth.

The green growth agenda would drive ADB’s India programme to help the country fulfill its global climate action commitments. ADB will focus on supporting the decarbonization of transport and the clean energy transition, including carbon market development and circular economy transition.

In a meeting with Modi, Asakawa discussed ADB support to India’s infrastructure and social development and climate actions, scaling up ADB assistance to meet the country’s priority development needs, and ADB’s country partnership strategy (CPS) for India, 2023–2027. 

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.

Climate change adaptation actions are planned through projects on flood management, coastal protection, water use efficiency improvement, and agriculture value chain development.  

ADB is supporting the priorities of India’s G20 presidency across the finance and sherpa tracks.

Asakawa also met with Finance Minister Nirmala Sitharaman and outlined ADB efforts to achieve annual regular lending of $4 billion from its sovereign operations in the next few years.   

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