ADB President Nakao calls on PM, pledges USD 12 bn support to govt's initiatives

The Asian Development Bank on Thursday committed USD 12 billion to the government's new flagship initiatives like piped water for all and road safety over the next three years, the multilateral bank said after its President Takehiko Nakao met Prime Minister Narendra Modi here.

The Prime Minister and Nakao discussed how to further enhance partnership in areas like promotion of new technologies and innovation, renewable energy, solar-pump irrigation, electric vehicle and battery, fintech, sustainable tourism, and recycle of plastic, an ADB release said.

Nakao commended the government's vision to make India a USD 5 trillion economy during Modi's second term in office, and reaffirmed ADB's commitment to helping bolster the country's inclusive growth and rapid economic transformation to achieve this vision.

ADB's sovereign lending to India in 2018 reached a record USD 3 billion, in transport, urban, irrigation, skills development, and intermediary finance for public-private ...