Asian Development Bank

ADB, Maldives sign $41mn financing package to support SMEs, tourism

The Asian Development Bank (ADB) signed a $41 million financing package with the Bank of Maldives (BML) on Tuesday to support locally owned small and medium-sized enterprises (SMEs) and tourism

How reward-driven are top-level appointments to World Bank and IMF?

Opinion is divided on the issue, with one section of experts and seasoned politicians claiming meritocracy isn't always at play, while another puts the choice down to plain pragmatism

World Bank cuts India's growth forecast to 6.3%; ADB projects 6.4% for FY24

Cite global slowdown spillover, policy tightening impact

ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks

Private consumption will be the main driver of growth, says international agency

Asian Development Bank to provide Rs 754 cr loan to SAEL Industries

Asian Development Bank (ADB) will provide a loan up to Rs 754 crore to SAEL Industries Ltd for setting up of biomass power plants in Rajasthan. The lender and SAEL have entered into a loan agreement, according to a release on Friday. SAEL is a solar and agricultural waste-to-energy company. It has developed a business model where crop residues are used as fuel in waste-to-energy projects. The company aims to grow its portfolio to 3.5 GW over the next four years by adding 100 MW of new biomass and 600 MW of new solar capacity annually. "ADB's support will fund the construction of five biomass power plants in the districts of Bikaner, Churu, Hanumangarh, Jhunjhunu, and Sikar in the state of Rajasthan," SAEL said in the release.

ADB teams call on Himachal CM, discusses sub-tropical horticulture project

The Chief Minister stressed on the plantation of various other fruit plants that can be grown in low-lying areas so that the fruit diversity in the area could also be increased

ADB President meets PM, proposes $25 bn for India's development priorities

Asian Development Bank President Masatsugu Asakawa on Tuesday called on Prime Minister Narendra Modi and conveyed ADB's intention to provide USD 20-25 billion resources over five years to advance India's aspirations for fast, inclusive, and green growth. In a release, the Manila-based multilateral lending agency said its President in his meeting with the Prime Minister discussed a range of issues, including ADB support to India's infrastructure and social development and climate actions. ADB is now finalising the new five-year country partnership strategy (CPS) for India following a comprehensive stakeholder consultation process. 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," Asakawa said. He also congratulated Modi

Sitharaman meets Asian Development Bank President, lauds support to India

Nirmala Sitharaman met ADB President Masatsugu Asakawa and acknowledged the swift response and support provided by the institution to all its developing member countries

ADB approves USD 130 million loan for promoting horticulture in HP

The Asian Development Bank (ADB) has approved a USD 130 million (over Rs 1,072 crore) loan to increase agricultural productivity and promote horticulture agribusinesses to raise farmers' income in Himachal Pradesh. More than half of Himachal Pradesh's land area is in the mountains and 90 per cent of the population lives in rural areas who are dependent on agriculture, said ADB Senior Natural Resources and Agriculture Specialist for South Asia Sunae Kim. "Improving subtropical horticulture in the state offers a lot of economic opportunities to farmer households. Supporting horticulture value chains will also boost the subsector's contribution to the country's development and food security," Kim said. The Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project will help increase the income and resilience to the effects of climate change of at least 15,000 farm households in Bilaspur, Hamirpur, Kangra, Mandi, Sirmour, Solan, and Una. The project will improve

Shriram Finance gets $100 mn funding from ADB for inclusive financing

Money will be used improve the status of underserved communities in India, other objectives

ADB keeps India's GDP growth unchanged at 7% for current financial year

Asian Development Bank (ADB) has kept its outlook for India's economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia. ADB's 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent. The Manila-based ADB in a report on Wednesday saw Asia expanding 4.2 per cent this year before accelerating to 4.6 per cent in 2023. These projections compare to the previously estimated expansion of 4.3 per cent and 4.9 per cent, respectively. "Despite recent global headwinds, the Indian economy is expected to grow by 7.0 per cent, as projected in the Update, supported by a strong domestic base. "While some recent high-frequency indicators are more favourable than expected -- notably consumer confidence, electricity supply and purchasing ...

Worsening global outlook: ADB lowers growth forecast for developing Asia

Asian Development Bank has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook

ADB cuts developing Asia's GDP outlook for 2023 amid global growth concerns

Growth in China, the largest economy in Asia, is expected to slow in 2022 to 3% against a 3.3% expansion predicted in a September report

ADB approves $250 mn policy-based loan to strengthen logistics sector

The ADB on Friday said it has approved a USD 250 million policy-based loan to support India's wide-ranging reforms that aim to strengthen and modernise the country's logistics infrastructure, improve efficiency, and lower costs. The loan will finance the first sub-program of the strengthening multimodal and integrated logistics ecosystem program, which supports the government's efforts to create a comprehensive policy, planning, and institutional framework at the federal, state, and city level, it said in a release. "This will rationalise India's high cost of logistics and reduce greenhouse gas emission," the Asian Development Bank (ADB) said. It further said the program will help to strengthen supply chains by simplifying external trade logistics and domestic cargo movements, modernising warehouses, improving business processes with integrated digital platforms, and stimulating private investments in the sector. The recently approved National Logistics Policy and the Prime Ministe

ADB approves $780 mn loan to expand Chennai's metro rail network

In 2021, ADB committed a record $4.6 billion in sovereign loans to India.

Wabag inks agreement with Asian Development Bank to raise Rs 200 cr

Water technology player VA Tech Wabag on Friday said it has signed an agreement with Asian Development Bank (ADB) to raise Rs 200 crore through unlisted non-convertible debentures (NCDs) carrying a 5-year and 3-month tenor. This NCD will be subscribed by ADB over a 12-month period, Wabag said in a statement. The Rs 200 crore capital raised through this NCD issuance will be used towards working capital requirements of Wabag and will be within the current borrowing limits, which will, therefore, not increase the debt levels of the company, it added. "This is an important milestone for us as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with us is a key validation of its focus on clean, green and sustainable technologies. We have been working for many years on projects funded by multilateral agencies, including ADB," Wabag Chief Financial Officer Skandaprasad Seetharaman said. The disposal of wastewater without proper ...

ADB clears $350 million loan to improve road connectivity in Maharashtra

Multilateral funding agency Asian Development Bank (ADB) on Friday approved a USD 350 million (about Rs 2,900 crore) loan to improve the road connectivity of key economic areas in Maharashtra. The Connecting Economic Clusters for Inclusive Growth in Maharashtra project will further develop the state's core road network in the Ahmednagar, Hingoli, Jalna, Kohalpur, Nagpur, Nanded, Nashik, Pune, Sangli and Satara districts, ADB said in a statement. It will help connect underdeveloped rural communities with off-farm opportunities and markets, improve access to health and social services and improve agricultural value chains by reducing transport costs for small and medium-sized enterprises, it said. It will build on the Maharashtra State Road Improvement Project approved by ADB in April 2020 to upgrade state highways and major district roads, it added. It further said the project will upgrade at least 319 kilometres (km) of state highways and 149 km of district roads, incorporating ...

Empowering Gati Shakti

Done the right way, the smart platform for infrastructure planning and execution could lead to tremendous productivity benefits

Asian Development Bank to provide $2.3-$2.5 bn for flood-hit Pakistan

The Asian Development Bank on Wednesday announced that it will provide USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods in Pakistan that have affected more than 33 million people. The announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye, according to a press release issued by the Finance Division. During the meeting, Yong expressed sympathy for the loss of lives and properties due to the floods. The ADB said it will provide aid of USD 2.3 to 2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan. The devastating floods have left more than 1,600 persons dead and hundreds of thousands injured since mid-June. He said that USD 1.5 billion out of the committed assistance will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal would be put before the bank's board this month. He a

Structural reforms keep economic recovery on course, says DEA secy

India today is focusing on infrastructure led capital spending aimed at enhancing productivity and employment while ensuring fiscal prudence with 'targeted' interventions: Ajay Seth