On May 14, 2021, the Asian Development Bank (ADB) has committed $3.92 billion in sovereign loans for 13 projects to India in 2020, including $1.8 billion in projects to support the Government of India’s coronavirus disease (COVID-19) pandemic response.
- Since the start of its lending operations in 1986, this 2020 lending was ADB’s highest-ever annual lending commitment to India.
- Note – ADB’s current sovereign portfolio in India includes 79 projects worth $14.4 billion.
Lending against COVID-19:
i.ADB also committed $356.1 million through its non-sovereign operations to India, including 3 COVID-19 support projects to contain the disease and establish social protection measures for relief to the poor and other vulnerable groups.
ii.It also approved financing to help the government improve equitable access to comprehensive primary health care in urban areas.
iii.Further commitment – ADB is being ready to provide additional resources to address India’s COVID-19-related challenges.
New projects committed in 2020:
i.Committed $500 million to build a modern, high-speed 82-kilometre Delhi–Meerut Regional Rapid Transit system corridor.
ii.Energy sector loans to strengthen distribution network in Maharashtra, Karnataka, Uttar Pradesh, and Meghalaya and to build a 120-megawatt hydroelectric power plant in Assam.
iii.In the urban sector, ADB approved loans for sustainable urban development in secondary and smaller towns in Rajasthan and Madhya Pradesh.
iv.Committed funds to support the Government of West Bengal’s fiscal consolidation program.
v.Committed funds to support Tripura and Himachal Pradesh through its project readiness financing.
Recent Related News:
The latest Annual Report of Asian Development Bank(ADB) released on 27th April 2021 showed that ADB had provided $1.5 billion (~Rs 1.11 lakh crore) to India in supporting the response to tackle covid-19.
About Asian Development Bank (ADB)
India was a founding member of ADB and it is being ADB’s fourth-largest shareholder and its top borrower since 2010.
Headquarters – Manila, Philippines
President – Masatsugu Asakawa
Members – 68 members (49 within Asia and the Pacific, 19 outside)